The Association of Dealers launched a self-discipline investigation into six lead underwriters.

In the early stage, the Traders Association issued a notice on strengthening the underwriting standards for bond issuances in the interbank market, further enhancing self-discipline management on unauthorized behaviors such as low underwriting fees and low underwriting prices. The association found that in the 2025-2026 subordinated capital bond project of Guangfa Bank, the underwriting fees of six lead underwriters, including China Galaxy Securities Co., Guangfa Securities Co., Industrial Bank Co., Guotai Junan Securities Co., Citic Construction Investment Securities Co., and Citic Securities Co., have attracted market attention. In accordance with the "Self-Disciplinary Rules for the Interbank Bond Market," the Traders Association has initiated a self-disciplinary investigation on the relevant institutions. If any violations of self-discipline rules are found during the business operations, they will be subject to self-disciplinary measures in accordance with relevant regulations.