GF Securities raises RMB 4.47 bn in 2025 corporate bond issuance

GF Securities Co., Ltd. has announced the successful issuance of its 2025 public corporate bonds (sixth tranche) to professional investors, totaling up to RMB 4.47 billion. This offering, approved by the China Securities Regulatory Commission, involved bonds priced at RMB 100 per unit, distributed through a book-building process among professional institutional investors from November 7 to November 10, 2025.

The issuance comprised two tranches. The first, with a 2-year maturity, raised RMB 3.31 billion at an annual coupon rate of 1.84% and achieved a subscription multiple of 2.44 times. The second tranche, with a 5-year maturity, secured RMB 1.16 billion at an annual coupon rate of 2.03%, with a subscription multiple of 2.79 times. Notably, the issuer's directors, supervisors, senior management, and shareholders holding over 5% of shares, along with other related parties, did not participate in the bond subscription.

Related parties of the lead underwriters, including Shanghai Guotai Haitong Asset Management Co., Ltd., Shanghai Pudong Development Bank Co., Ltd., China Foreign Economy and Trade Trust Co., Ltd., CITIC Trust Co., Ltd., CITIC Bank Co., Ltd., and Southern Asset Management Co., Ltd. participated in the subscription. Their combined final allocations totaled RMB 0.3 billion, RMB 0.5 billion, RMB 0.1 billion, RMB 1 billion, RMB 1 billion, and RMB 0.4 billion, respectively. All subscriptions and pricing were deemed fair and compliant with regulatory procedures.