An announcement from Shenwan Hongyuan Group Co., Ltd. (SWHY) (06806) indicates that its subsidiary, Shenwan Hongyuan Securities Co., Ltd., has received formal approval from the China Securities Regulatory Commission (CSRC) for a public offering of perpetual subordinated bonds targeted at professional investors.

The CSRC's approval document grants consent for the securities firm to publicly issue perpetual subordinated bonds with a total face value not exceeding RMB 30 billion to qualified professional investors.

The issuance of these bonds will strictly adhere to the prospectus filed with the Shenzhen Stock Exchange. The approval from the regulator remains valid for a period of 24 months from the date of issuance, during which time Shenwan Hongyuan Securities may conduct the offering in multiple tranches.