Great Wall Securities raises 2 bn yuan from bond issuance

Great Wall Securities Co., Ltd. has successfully completed its 2025 public offering of subordinated corporate bonds (tranche 2) to professional investors, raising a total of 2 bn yuan. The issuance, approved by the China Securities Regulatory Commission, was conducted from November 6 to November 7, 2025, with all bonds distributed through an offline inquiry and placement method.

The issuance was divided into two tranches. Tranche 1, a 2-year bond, raised 1 bn yuan at a coupon rate of 1.98% and an oversubscription ratio of 3.60x. Tranche 2, a 3-year bond, also raised 1 bn yuan at a coupon rate of 2.10% and an oversubscription ratio of 2.93x. The total offering size was capped at 2 bn yuan, with the entire amount subscribed to by professional investors.

Related party subscriptions included China Merchants Wealth Management Co., Ltd., an affiliate of Great Wall Securities, which subscribed to 230 m yuan of Tranche 1 bonds. Additionally, Nanjing Securities' affiliate, Xinyuan Fund Management Co., Ltd., subscribed to 50 m yuan of Tranche 1 and 40 m yuan of Tranche 2 bonds. The company confirmed that the issuer did not directly or indirectly subscribe to its own bonds.