SWHY (06806) has announced the successful completion of its second tranche of perpetual subordinated bonds for 2026, raising 2 billion yuan.

The issuance, which concluded on September 7, 2026, was conducted by the company's subsidiary, Shenwan Hongyuan Securities Co., Ltd., following regulatory approval from the China Securities Regulatory Commission. The approval permits the subsidiary to publicly issue perpetual subordinated bonds with a total face value of up to 30 billion yuan.

The latest tranche carries a coupon rate of 1.89%, structured as a floating-rate instrument with simple annual interest accrual and no compounding. The rate remains fixed for the initial five interest-bearing years and is subject to reset every five years starting from the sixth interest period.

Each five-year period constitutes one repricing cycle. At the end of each cycle, the issuer retains the option to either extend the bond tenure by an additional repricing cycle—effectively prolonging the maturity by five years—or to redeem the bonds in full.

Once registration is finalized, the bonds are slated for listing and trading on the Shenzhen Stock Exchange.