CGS has announced that China Galaxy Securities Co., Ltd. completed the issuance of its 2021 perpetual subordinated bonds (first tranche) on March 29, 2021. According to the bond prospectus, each repricing cycle spans five interest accrual years. At the end of each cycle, the issuer holds the right to either extend the bond term by an additional cycle (five years) or fully redeem the bonds. March 29, 2026 (with actual interest payment due on March 30, 2026) marks the end of the first repricing cycle, coinciding with the fifth interest payment date. The company has decided not to exercise the extension option and will instead redeem the bonds in full on March 29, 2026 (with actual settlement on March 30, 2026).