Great Wall Securities: Book-Building Extended, Tranche II Rates Set

China Great Wall Securities Co., Ltd. has extended the book-building period for its 2025 public issuance of subordinated corporate bonds (tranche II) to professional investors. The period was prolonged to 7:00 p.m. on November 5, 2025, due to market changes, following consultation with the issuer, book-runner, and other participants. This issuance is part of a larger 5 bn yuan bond program approved by the China Securities Regulatory Commission.

The 2025 second tranche, designated as the fourth issuance under the program, seeks to raise up to 2 bn yuan across two varieties. Following inquiry with institutional investors on November 5, 2025, the final coupon rates have been determined. Tranche one, with a two-year maturity, will carry an interest rate of 1.98%, while tranche two, maturing in three years, will offer 2.10%.

The subscription period for professional investors is scheduled from November 6 to November 7, 2025. Investors can find detailed subscription instructions in the "Great Wall Securities Co., Ltd. 2025 Public Issuance of Subordinated Corporate Bonds (Tranche II) Issuance Announcement" published on the Shenzhen Stock Exchange and Cninfo websites on November 4, 2025.