The Chinese National Association of Interbank Market Dealers has initiated a self-discipline investigation into six lead underwriters.

Zhitong Finance APP learned that on July 11, the China Foreign Exchange Trading System & National Interbank Funding Center announced that the Inter-dealer Market trader association had issued a notice to strengthen the norms for underwriting in the interbank bond market (letter No. 2025-114), further enhancing self-discipline management for non-compliant practices such as low underwriting fees and low underwriting prices. The association has observed that in the 2025-2026 subordinated capital bond project of China Galaxy Securities Co., Ltd., Guangfa Securities Co., Ltd., Industrial Bank Co., Ltd., Guotai Junan Securities Co., Ltd., CITIC Construction Investment Securities Co., Ltd., and CITIC Securities Co., Ltd., the winning underwriting fees have attracted market attention. According to the "Self-disciplinary Rules for the Interbank Bond Market," the trader association has initiated a self-disciplinary investigation into the relevant institutions. If any violations of self-disciplinary rules are found during the business operation process, the relevant parties will be subject to self-disciplinary actions in accordance with the relevant regulations.