Hesteel issues first tranche of innovation perpetual bonds

Hesteel Co. Ltd. has successfully concluded the issuance of its 2025 publicly offered technology innovation perpetual corporate bonds (first tranche) to professional investors. The issuance, with a maximum size of 10 bn yuan, saw the first tranche set at 1 bn yuan, reaching full subscription.

The final subscription for the first tranche was 1 bn yuan, with a bond face value of 100 yuan per unit. The coupon rate was set at 2.36%, and the overall subscription multiple reached 2.62 times, indicating strong investor demand. The issuance took place from September 16 to September 17, 2025.

The lead underwriters and bookrunners, including CITIC Securities, China Securities, Huatai United Securities, Guotai Junan Securities, GF Securities, Caida Securities, and Guojin Securities, collectively subscribed to 530m yuan of the bonds. All subscribing investors met the relevant regulatory requirements for corporate bond issuance and trading.