GF Securities to issue new subordinated bonds, repaying maturing debt

GF Securities Co., Ltd. has received approval from the China Securities Regulatory Commission to publicly issue subordinated company bonds to professional investors, with a total face value not exceeding RMB200 billion. The fourth tranche of these bonds, "25 GF C6," will have a 3-year term and an issuance size of up to RMB3 billion. The final coupon rate will be determined through a book-building process, with an inquiry range of 1.60%-2.60%. The bonds are unsecured and rated AAA with a stable outlook.

The company also announced the issuance results for its ninth tranche of short-term company bonds, "25 GF D13," which concluded on October 14, 2025. This tranche had an issuance size of RMB3 billion, a final coupon rate of 1.71%, and was oversubscribed 3.47 times. The proceeds from both bond issuances will be used to repay maturing company bonds. GF Securities reported a net asset value of RMB1,565.80 billion as of June 30, 2025, and a debt-to-asset ratio of 74.90%.