Guosen Securities' new perpetual bonds to debut on Shenzhen Exchange

Guosen Securities Co., Ltd.'s 2025 public issuance of perpetual subordinated bonds (Tranche 4) will commence trading on the Shenzhen Stock Exchange on October 23, 2025. The bonds, with a code of 524475, have a total value of CNY 30 bn and received an AAA/AAA credit rating from United Credit Ratings Co., Ltd. Designed for professional institutional investors, the bonds allow for trading via matched, click, inquiry, bid, and negotiated transactions.

The bonds feature a fixed annual interest rate of 2.50% and pay interest annually, assuming no deferral by the issuer. Each pricing cycle spans five interest years, at the end of which the issuer can choose to extend the bond term by another five years or redeem the bonds in full. The offering price and opening reference price are both set at CNY 100 per bond.

The subscription period for the bonds was from October 16 to October 17, 2025, with the value date being October 17, 2025. The maturity date aligns with the interest payment date of the renewal option exercise year, should the issuer opt for full redemption, with any holidays resulting in a deferral to the next trading day without additional interest.