Impact Analysis of Eastmoney's Subsidiary Being Approved to Issue RMB 20 Billion Subordinated Corporate Bonds

I have collected sufficient data, and now I will conduct a systematic and comprehensive analysis for you.

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Eastmoney (300059.SZ) issued an announcement on January 12, 2026, stating that its subsidiary, Eastmoney Securities Co., Ltd., has received a reply from the China Securities Regulatory Commission (CSRC) approving its registration application to publicly issue subordinated corporate bonds with a total face value not exceeding

. The reply is valid for from the date of approval, and Eastmoney Securities may issue the bonds in installments within the validity period of the registration [1][2].

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According to financial data, Eastmoney, a leading internet finance platform in China, had a market capitalization of

as of January 12, 2026, with a current stock price of RMB 25.05, representing an increase of approximately 5.47% since the start of the year [0]. The issuance of the RMB 20 billion subordinated bonds will significantly enhance the subsidiary’s capital strength:

Impact Dimension	Original Status	Expected Improvement After Issuance
Capital Scale	Existing Capital	Significantly Expanded
Risk Reserves	Traditional Reserve Model	Subordinated Bonds Can Be Included in Supplementary Capital
Capital Structure	Equity-Dominated	Optimized Debt/Equity Ratio

Subordinated corporate bonds have special advantages in capital classification:

• Core Capital
  : Remains Unchanged
• Supplementary Capital
  : Subordinated Bonds Can Be Included in Supplementary Capital in Accordance with Regulations
• Capital Adequacy Ratio
  : Expected to Increase Significantly, Meeting Regulatory Requirements for Net Capital of Securities Companies

The issuance of RMB 20 billion subordinated bonds will optimize the company’s financial leverage structure:

• Increase the scale of liabilities, enhance the balance sheet expansion capacity
• Support business expansion through debt financing, reduce reliance on equity financing
• Debt interest is tax-deductible, optimizing after-tax capital costs

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The raised funds will enable the subsidiary to expand its margin trading and securities lending business more strongly. According to securities industry practices,

of the funds raised from subordinated bonds can be used for capital-intensive businesses such as margin trading and securities lending, stock pledging, and derivatives [3]. The RMB 20 billion scale means:

• Up to RMB 2 billion can be used for credit business expansion
• Increase the upper limit of customer financing quotas
• Enhance competitiveness in the margin trading market

Sufficient capital will support the subsidiary to carry out more innovative businesses:

Business Type	Capital Requirement	Feasibility After Issuance
Derivatives Business	High	Significantly Improved
Market Making Business	High	Significantly Improved
Wealth Management	Medium	Significantly Enhanced
Investment Banking Business	Medium	Significantly Enhanced

After deducting issuance fees,

, which will:

• Improve the adequacy of daily operating funds
• Enhance the ability to cope with market fluctuations
• Support rapid growth of business scale

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According to technical analysis data [0]:

Indicator	Value	Interpretation
Current Price	¥25.05	Above the 20-day/60-day moving average
20-Day Moving Average	¥23.51	Short-term trend is upward
60-Day Moving Average	¥24.12	Medium-term trend is stable
Distance from 60-Day Moving Average	+3.85%	Short-term momentum is relatively strong
52-Week Volatility	30.9%	Medium volatility level
52-Week High	¥29.36	14.2% below the high
52-Week Low	¥18.18	Currently in the upper-middle range of the interval

:

• The stock price is currently trading near the upper band of the Bollinger Bands (¥24.94), with some short-term overbought pressure
• Trading volume remains at a high level of 408 million shares per day, indicating active market attention
• The annualized Sharpe ratio is 0.30, with risk-adjusted returns in a reasonable range

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• Stock Price Reaction
  : Market sentiment was positive after the news was released, and the stock price opened higher and moved upward the next day
• Market Confidence
  : The approval of large-scale financing reflects regulatory support for the company’s development
• Liquidity Improvement
  : Bond issuance will supplement operating funds

• Business Scale Expansion
  : Enhanced capital strength supports the expansion of business layout
• Profitability Improvement
  : Capital-intensive businesses contribute incremental revenue
• Market Position Consolidation
  : Strengthened competitive advantage in the securities industry

• Capital Structure Optimization
  : Formation of a diversified financing system of equity + debt
• Risk Resistance Enhancement
  : Improved capital adequacy ratio to cope with market fluctuations
• Strategic Development Space
  : Provides financial support for subsequent strategies such as mergers and acquisitions and internationalization

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Evaluation Dimension	Rating	Explanation
Capital Structure Improvement	Positive	Subordinated bonds effectively supplement supplementary capital
Business Expansion Capacity	Significantly Improved	Supports the development of multiple business lines
Liquidity Status	Significantly Improved	Working capital is substantially replenished
Market Competitiveness	Enhanced	Capital strength supports market share expansion
Stock Performance Expectation	Neutral-Bullish	Short-term technical adjustment pressure exists

: The approval for Eastmoney’s subsidiary to issue RMB 20 billion subordinated corporate bonds is an important milestone in the company’s development. It will significantly enhance the subsidiary’s capital strength and business expansion capabilities, optimize the capital structure, and improve market competitiveness. From a technical perspective, the stock price is in a medium-term upward channel, and the approval of the RMB 20 billion bond financing provides sufficient financial support for the company’s future development.

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[1] Yicai Global - “Eastmoney Securities, a Subsidiary, Approved to Publicly Issue No More Than RMB 20 Billion Subordinated Corporate Bonds” (https://www.yicai.com/brief/102999901.html)

[2] Sina Finance - “Subsidiary Receives CSRC Registration Approval to Issue No More Than RMB 20 Billion Subordinated Corporate Bonds” (https://finance.sina.cn/2026-01-12/detail-inhfzysv5705579.d.html)

[3] Eastmoney.com - Relevant bond issuance prospectuses and regulatory regulations

[0] Jinling AI Financial Database - Real-time quotes and historical data of Eastmoney (300059.SZ)