HTSC (06886) has announced the completion of its issuance of 1.9 billion yuan in perpetual subordinated bonds. The company received regulatory approval from the China Securities Regulatory Commission on November 13, 2025, allowing it to publicly offer perpetual subordinated bonds to professional investors with a total face value of up to 20 billion yuan.
The second tranche of the 2026 perpetual subordinated bonds, designated for public issuance to professional investors, features a base term of five years with a repricing cycle occurring every five interest-bearing years. At the conclusion of each repricing cycle, the company retains the option to extend the bond term by an additional repricing cycle, equivalent to another five years, or to redeem the bonds in full.
The coupon rate for this tranche was set through an inquiry process within a range of 1.3% to 2.3%, with each bond priced at 100 yuan per unit and offered exclusively to professional institutional investors through a public issuance method. The subscription period concluded on September 21, 2026. The final issuance size reached 1.9 billion yuan, carrying a coupon rate of 1.85% and achieving a subscription ratio of 4.77 times.
Comments