On September 14, Xiamen Jianfa Group Co., Ltd. wrapped up the issuance process for the fourth tranche of its perpetual corporate bonds, which were offered to professional investors for 2026. The total issuance size for this tranche was capped at 1.7 billion yuan (inclusive of the full amount), and the bonds were distributed through a book-building process.
The issuer's broader plan to offer perpetual corporate bonds to professional investors, with a total face value not exceeding 11.4 billion yuan, had earlier been approved by the China Securities Regulatory Commission under the registration document "Zheng Jian Xu Ke [2025] No. 1729."
The issuance was split into two distinct tranches. The first tranche, carrying a 3+N-year term, saw an actual issuance volume of 1 billion yuan, achieved a valid subscription multiple of 2.14 times, and settled on a final coupon rate of 1.99%. The second tranche, with a 5+N-year term, brought in an actual issuance of 700 million yuan, reached a valid subscription multiple of 2.73 times, and fixed its final coupon rate at 2.48%.
Underwriting institutions for this endeavor included CITIC Securities Co., Ltd., Industrial Securities Co., Ltd., China International Capital Corporation Limited, and Ping An Securities Co., Ltd. Together with their affiliated entities, these underwriters were allocated a combined total of 960 million yuan from this bond issuance.
According to the official announcement, throughout the issuance, the issuer refrained from directly or indirectly subscribing to any of its own bonds. The coupon rates were determined exclusively through the inquiry process, with no evidence of price manipulation, undisclosed dealings, or benefit transfers. Furthermore, no financial assistance was provided to participating investors. Additionally, none of the issuer's directors, senior management members, shareholders holding more than 5% of shares, or other related parties took part in the subscription of this bond tranche.
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