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Compared with the large-scale "blood transfusion" in the previous two years, the bond financing of securities companies has cooled down since the beginning of this year, with both the approved and issued bond scales declining, with year-on-year declines of 8.38% and 28.5% respectively. At the same time, ordinary corporate bonds and subordinated corporate bonds of securities companies have replaced short-term financing bonds and perpetual subordinated bonds and become the preferred bond issuance method of securities companies.

In the view of industry insiders, securities firms choose financing methods and timing mainly based on their own actual conditions and market environment. As securities firms gradually expand the scale of their capital-intensive businesses, their demand for additional capital decreases, leading to an overall cooling of bond financing.

The scale of bonds issued has dropped by nearly 30%

According to statistics from China Securities Journal reporters, as of August 15 this year, 20 listed securities companies have been approved to issue bonds, with a total planned issuance size of 339 billion yuan, while the figure for the same period last year was 370 billion yuan, a year-on-year decrease of 8.38%.

In terms of the planned bond issuance scale, the leading securities firms including Shenwan Hongyuan, China Galaxy Securities, Haitong Securities, Guotai Junan Securities, CITIC Securities, China Merchants Securities, CITIC Construction Investment, Huatai Securities, Orient Securities and GF Securities have all been approved for bond issuances of no more than 20 billion yuan each time this year.