Guosen Securities issues fifth tranche of perpetual subordinated bonds

Guosen Securities, holding an AAA credit rating and stable outlook, is publicly issuing the fifth tranche of its 2025 perpetual subordinated bonds to professional investors. The maximum issuance size is 3 bn yuan.

These bonds have a five-year basic term, with a reset period every five interest-bearing years. The company has the option to extend the term or fully redeem them, and they are subordinated to ordinary debts in liquidation.

The company's audited financial data for the first half of 2025 shows total assets of 5,181.76 bn yuan and net assets attributable to shareholders of 1,248.30 bn yuan. Total debt stands at 2,390.23 bn yuan. Proceeds from these bonds are earmarked for repaying 2 bn yuan in interest-bearing debt and supplementing 1 bn yuan in working capital. The bond will be listed on the Shenzhen Stock Exchange.

Following regulatory approval on March 26, 2025, the bonds were renamed to "Guosen Securities Co., Ltd. 2025 Public Offering of Perpetual Subordinated Bonds (Fifth Tranche)" ("25 Guozheng Y5"). The bidding period is November 13, 2025, with the issue date on November 14, 2025, and interest commencement on November 17, 2025.