GF Securities' 5th tranche subordinated bonds oversubscribed at 2.58x

GF Securities Co., Ltd. has announced the successful issuance of its 2025 publicly offered subordinated bonds (fifth tranche) to professional investors. The issuance, with a final scale of 2.95 bn yuan, saw strong demand, achieving a subscription multiple of 2.58 times. The bonds have a 3-year term and a coupon rate of 2.00%.

The offering took place from November 18 to November 19, 2025, with an issue price of 100 yuan per bond. The total registered issuance amount for GF Securities' subordinated company bonds is up to 20 bn yuan, as approved by the China Securities Regulatory Commission.

Affiliates of the lead underwriters, including China Merchants Securities Asset Management Co., Ltd. and Industrial Bank Asset Management Co., Ltd., participated in the subscription, securing 200 m yuan and 90 m yuan, respectively. The company stated that the proceeds from this bond issuance will be utilized entirely for repaying interbank borrowings.