CICC (03908) announced that it has recently received approval from the China Securities Regulatory Commission (CSRC) regarding the public issuance of perpetual subordinated bonds and subordinated bonds to professional investors. The approvals, documented in the responses (Zheng Jian Xu Ke [2025] No. 2290 and No. 2294), allow CICC to issue perpetual subordinated bonds and subordinated bonds with a total face value of up to RMB 20 billion each. The approvals are valid for 24 months from the date of issuance, during which the company may issue the bonds in phases.