GF Securities' fourth tranche subordinated bonds oversubscribed, raises ¥3 bn

GF Securities Co., Ltd. has successfully completed the issuance of its 2025 publicly offered subordinated bonds (fourth tranche) to professional investors. The offering, with an approved scale of up to 200 billion yuan, saw a final offering size of 3 billion yuan, priced at 100 yuan per bond. The three-year bonds achieved a coupon rate of 2.20% and were significantly oversubscribed with a bid-to-cover ratio of 1.89 times.

The issuance period was from October 16 to October 17, 2025. The issuer's directors, supervisors, senior management, and shareholders holding over 5% of shares, as well as other related parties, did not participate in the subscription. However, related parties of the lead underwriter, Merchants Securities Co., Ltd., including Merchants Securities Asset Management Co., Ltd., Industrial Fund Management Co., Ltd., and CMB Wealth Management Co., Ltd., participated, securing 0.3 billion yuan, 0.5 billion yuan, and 0.8 billion yuan respectively. Their bids were deemed fair and compliant.

All investors subscribing to this tranche met the requirements outlined in relevant regulations, including the "Administrative Measures for the Issuance and Trading of Corporate Bonds" and the "Rules Governing the Listing of Corporate Bonds on Shenzhen Stock Exchange (Revised in 2023)."