GLMS SEC (01456) announced that the company recently received the "Approval Reply on Agreeing to Guolian Minsheng Securities Company Limited's Public Offering of Perpetual Subordinated Bonds to Professional Investors" (CSRC Approval [2026] No. 125) issued by the China Securities Regulatory Commission (CSRC). According to this批复, the CSRC has approved the company's application to publicly offer perpetual subordinated bonds with a total face value of no more than RMB 3 billion to professional investors. This approval is valid for 24 months from the date of consent. The company may issue the perpetual subordinated bonds in tranches within this validity period.