Changjiang Securities to issue fourth tranche of 2025 corporate bonds

Changjiang Securities received approval from the China Securities Regulatory Commission on September 24, 2025, to issue corporate bonds to professional investors, with a total face value not exceeding CNY200bn. The current tranche, the fourth under the 2025 public issuance, will have a face value not exceeding CNY30bn, with each bond valued at CNY100 and a 3-year term. The issuance price will be CNY100 per bond, determined by offline inquiry. This tranche has no collateral. The company's main long-term credit rating is maintained at AAA, with a stable outlook.

As of June 30, 2025, the company's net assets stood at CNY405.24bn. The average distributable profit over the last three fiscal years (2022, 2023, and 2024) was CNY16.31bn, sufficient to cover at least one year of interest payments for the current tranche. The bond issuance will occur from November 13 to November 14, 2025, with final interest rates announced on November 12, 2025.