Northeast Securities completes $10bn subordinated bond offering

Northeast Securities Co., Ltd. successfully completed the public offering of its 2025 fifth tranche of subordinated bonds to professional investors. The offering, with a maximum scale of RMB10 billion, was conducted between September 17 and September 18, 2025. The final issued amount for this tranche was RMB10 billion.

The bonds were priced at RMB100 per unit, with a coupon rate of 2.56%. The offering attracted significant interest, achieving a subscription multiple of 2.09 times, reflecting strong investor confidence.

The offering was primarily subscribed by professional institutional investors through an offline inquiry and placement method. The company confirmed that its directors, supervisors, senior management, shareholders with over 5% stake, and other related parties did not subscribe to this tranche of bonds. Changcheng Securities Co., Ltd., the lead underwriter, and its related parties, also did not participate in the subscription.