Guangfa Securities: received approval from the China Securities Regulatory Commission to issue up to 20 billion yuan perpetual subordinated corporate bonds.

Guangfa Securities announced that it has recently received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated corporate bonds with a total face value not exceeding 20 billion yuan to professional investors. The issuance must be carried out in accordance with the prospectus submitted to the Shenzhen Stock Exchange, and the approval is valid for 24 months from the date of registration. The company can issue in installments. In addition, if any significant events occur before the end of the issuance, they should be reported and dealt with promptly. The company will handle the issuance matters as required and authorized and disclose information in a timely manner.