The Board of Directors and all its members guarantee the truthfulness, accuracy, and completeness of the information disclosed in this announcement and shall bear joint and several liability for any false representations, misleading statements, or material omissions.
Important Notes
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Northeast Securities Co., Ltd. (hereinafter referred to as "the Issuer," "the Company," or "the Company") obtained approval from the China Securities Regulatory Commission (CSRC) with document No. [2026] 660 on March 31, 2026, to publicly issue perpetual subordinated corporate bonds with a face value not exceeding RMB 5 billion (hereinafter referred to as "the Bonds").
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The Bonds will be issued in tranches. Northeast Securities Co., Ltd.'s 2026 public offering of perpetual subordinated bonds to professional investors (Phase I) (hereinafter referred to as "this Tranche of Bonds") is the first issuance under the approval document. The issuance size of this Tranche of Bonds shall not exceed RMB 3 billion (inclusive of RMB 3 billion). The face value of each bond is RMB 100, the issuance quantity shall not exceed 30 million shares, and the issuance price is RMB 100/share. The short name for this Tranche of Bonds is "26 Northeast Y1," and the bond code is "524922.SZ."
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In accordance with the "Securities Law" and other relevant regulations, this Tranche of Bonds is exclusively offered to institutional investors among professional investors. Retail investors and individual investors among professional investors are not permitted to subscribe for this issuance. After this Tranche of Bonds is listed, investor suitability management will be implemented. Only institutional investors among professional investors will participate in trading. Transactions by retail investors and individual investors among professional investors for subscription or purchase will be invalid.
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According to the "Credit Rating Report of Northeast Securities Co., Ltd. 2026 Public Offering of Perpetual Subordinated Bonds to Professional Investors (Phase I)" (United [2026] 4842) issued by United Credit Ratings Co., Ltd., the Company's主体 (entity) credit rating is AAA, the credit rating of this Tranche of Bonds is AAA, and the rating outlook is stable.
Prior to the issuance and listing of this Tranche of Bonds, the Issuer's consolidated net assets as of March 31, 2026, were RMB 21.122 billion, with a consolidated asset-liability ratio of 75.03% and a parent company asset-liability ratio of 76.42% (the calculation of the asset-liability ratio excludes funds from entrusted securities trading and entrusted underwriting of securities). Before the issuance of this Tranche of Bonds, the Issuer's consolidated net profit attributable to parent company shareholders for 2023, 2024, 2025, and January-March 2026 were RMB 6.68 billion, RMB 8.74 billion, RMB 14.51 billion, and RMB 4.10 billion, respectively. The average distributable profit for the last three fiscal years (2023, 2024, 2025) was RMB 9.98 billion, which is expected to be no less than 1 times the annual interest of this Tranche of Bonds. The Issuer's financial indicators prior to the issuance of this Tranche of Bonds comply with relevant regulations.
- Upon completion of this issuance, the Company will promptly submit an application to the Shenzhen Stock Exchange for the listing of this Tranche of Bonds. This Tranche of Bonds meets the listing conditions of the Shenzhen Stock Exchange and will be traded through matching orders, click-to-trade, inquiry-based trading, competitive bidding, and negotiated trading. However, prior to the listing of this Tranche of Bonds, significant changes may occur in the Company's financial condition, operating performance, cash flow, and credit rating. The Company cannot guarantee that the application for listing of this Tranche of Bonds will be approved by the Shenzhen Stock Exchange. If this Tranche of Bonds cannot be listed at that time, investors have the right to choose to sell their bonds back to the Company. Investment risks and liquidity risks arising from changes in the Company's operations and profitability will be borne by the bondholders. This Tranche of Bonds cannot be listed on any trading venue other than the Shenzhen Stock Exchange.