Group 1 - Huatai Securities and Northeast Securities have received approval from the China Securities Regulatory Commission (CSRC) for the establishment and capital increase of their Hong Kong subsidiaries, marking a significant step in the internationalization of China's securities industry [1][2] - Huatai Securities will increase its capital in its wholly-owned subsidiary, Huatai Jin控, by HKD 500 million, raising its registered capital from HKD 480 million to nearly HKD 1 billion [1] - Northeast Securities has been approved to use its own funds to establish Dongzheng International Financial Holdings Limited with an investment of HKD 500 million, which will serve as its first overseas business platform [1][2] Group 2 - The successful approvals of these two mid-sized securities firms are part of the CSRC's strategy to build internationally competitive large financial institutions during the 14th Five-Year Plan period [2] - As of mid-2025, mainland securities firms have established 36 overseas subsidiaries, primarily in Hong Kong, with total assets reaching HKD 1.64 trillion, a year-on-year increase of over 20% [2] - Leading firms like CICC and CITIC Securities have seen their international business revenue ratios reach 31% and 21%, respectively, and hold significant positions in the Hong Kong IPO market [2] Group 3 - Securities firms are diversifying their internationalization strategies beyond traditional brokerage services, with many exploring wealth management and asset management innovations [3] - CITIC Securities has established a comprehensive service platform covering the Asia-Pacific region, achieving a doubling of overseas wealth management product sales in the first half of 2025 [3] - The increasing demand for RMB assets globally and the deepening globalization of Chinese enterprises highlight the importance of providing high-quality cross-border financial services as a key factor for enhancing core competitiveness [3]

Core Viewpoint - Huatai Securities and Northeast Securities have received regulatory approval for their Hong Kong subsidiaries, marking a significant step in the internationalization of mid-sized Chinese brokerage firms [1][2]. Group 1: Company Developments - Huatai Securities has been approved to increase its capital in its wholly-owned Hong Kong subsidiary, Huatai Jin控, by HKD 500 million, raising its registered capital to nearly HKD 1 billion [1]. - Northeast Securities has been authorized to establish a new offshore platform, Dongzheng International Financial Holdings, with its own funds of HKD 500 million, marking its first overseas operational entity [2]. - Both companies are part of the first batch of mid-sized brokerages to receive approval for overseas subsidiaries since the China Securities Regulatory Commission's (CSRC) 2025 plan to develop influential international institutions [1][2]. Group 2: Financial Performance - Huatai Securities reported a total revenue of CNY 5.064 billion for 2025, a year-on-year increase of 30.94%, and a net profit of CNY 2.104 billion, up 41.64% [1]. - Northeast Securities anticipates a net profit of CNY 1.477 billion for 2025, reflecting a 69.06% increase compared to the previous year [2]. Group 3: Industry Trends - The internationalization of brokerage firms is expanding beyond leading institutions to include mid-sized firms, driven by regulatory support and market demand [6]. - The total assets of overseas subsidiaries of mainland securities firms reached HKD 1.64 trillion by mid-2025, with a year-on-year growth of 20.45% [4]. - Chinese brokerages are increasingly dominating the Hong Kong IPO market, with the top ten underwriting institutions holding a combined market share of 72%, half of which are Chinese brokerages [4]. Group 4: Strategic Implications - The approval of Hong Kong subsidiaries for mid-sized brokerages signals a shift in the competitive landscape, as these firms transition from domestic competitors to active participants in the global financial services network [6]. - The internationalization of brokerage services is becoming essential, with the demand for cross-border services and the global allocation of RMB assets rising [6].

2月10日，华泰证券宣布发布100亿港元H股可转债，以支持境外业务发展。同一时间，华安证券5亿港元增 资香港全资子公司、东北证券5亿港元设立香港子公司事项，双双拿到了中国证监会的无异议函。 2025年，伴随全球资本市场交投活跃，中资券商对境外业务的落子布局动作也按下加速键。进入2026年不到两 个月，广发证券和华泰证券就已相继完成了61亿港元和100亿港元的H股再融资，募得资金也均计划用于强化 境外业务布局。 有分析师指出，当前券商海外业务处于高景气阶段，国际子公司资本利用效率更快，ROE高于国内业务、杠杆 上限更高。在此背景下，上市券商争先加码国际业务，有望进一步对业绩贡献增量，并助力中期ROE提升。 三家券商同日加码 2月10日晚间， 华泰证券披露， 此前公告拟发行的2027年到期、本金总额100亿港元的H股零息可转换债券， 其认购协议项下所有先决条件均已达成，并于当日完成发行，该债券将在维也纳证券交易所运营的Vienna MTF挂牌上市。 根据公告，此次债券发行完成后，华泰证券募集资金净额估计约为99.25亿港元，将用于境外业务发展及补充 营运资金。华泰证券认为，这将有助于增强其对国际市场风险及挑战的应 ...

本报记者 周尚伃 今年以来，证券行业资本运作的节奏明显加快。从华安证券拟提升对华富基金的"控制力"，到国联民生向民生证券的定 向"输血"，本轮券商针对子公司的资本动作呈现出两条明确路径：中小券商通过强化控制权以补齐业务牌照短板；头部及处于 整合期的券商则侧重于通过资本注入，撬动业务协同的增量空间。 盘古智库（北京）信息咨询有限公司高级研究员江瀚在接受《证券日报》记者采访时表示，券商在年内密集推进资本运 作，核心驱动力源于全面注册制深化与行业竞争加剧背景下，券商急需通过资本注入提升子公司净资本实力，以满足公募基 金、两融、衍生品等业务的监管门槛和风控要求。更深层次的逻辑在于，强化"母子协同"已成为战略必选项，如华安证券控股 华富基金，意在打通"投研—产品—渠道"闭环，从而提升综合财富管理能力。 强化"母子协同" 在财富管理转型向纵深推进的当下，公募基金牌照成为券商完善资管布局、提升客户服务能力的关键环节。对于中小券商 而言，通过收购或增资实现控股公募基金，是快速获取产品创设能力、优化收入结构的直接方式。 1月份，华安证券发布公告称，拟以2646.16万元增资华富基金，持股比例由49%提升至51%，旨在成为控股股 ...

Group 1 - Huatai Securities has completed the issuance of HKD 10 billion zero-coupon convertible bonds, which will be used to enhance its overseas business development and operational capital [2][4] - The bonds are set to mature in 2027 and will be listed on the Vienna MTF [2] - The company plans to increase its subsidiary Huatai International by up to HKD 9 billion to support overseas business growth [4] Group 2 - Dongzheng Securities has received approval from the China Securities Regulatory Commission (CSRC) to establish Dongzheng International Financial Holdings Limited in Hong Kong with a capital of HKD 5 billion [3][6] - The company is required to comply with local laws and regulations during the establishment of Dongzheng International [6] Group 3 - Huawan Securities has also received CSRC approval for a capital increase of HKD 5 billion to its Hong Kong subsidiary, Huawan Financial Holdings Limited [6][9] - The capital increase is aimed at supporting the subsidiary's operations in Hong Kong [9]

Core Viewpoint - The expansion strategies of two regional securities firms, Guolian Minsheng Securities and Huazheng Securities, highlight different approaches to wealth management amid industry transformation and market opportunities [1] Group 1: Guolian Minsheng Securities - Guolian Minsheng announced a capital increase of 200 million yuan for its subsidiary, Minsheng Securities, aimed at developing wealth management and information technology [2] - The capital increase is closely related to the integration of Guolian Minsheng and Minsheng Securities, with plans for Minsheng Securities to transform into a wealth management platform [2][3] - The company has completed the integration of its investment banking, asset management, and research businesses, with the establishment of specialized subsidiaries in these areas [2][3] Group 2: Huazheng Securities - Huazheng Securities plans to increase its stake in Huafu Fund Management to enhance its wealth management capabilities [4] - The firm currently holds 49% of Huafu Fund and aims to acquire a controlling stake of 51% through this capital increase, which will also grant it a public fund license [4][5] - This move is part of Huazheng's broader strategy to strengthen its wealth management business, integrating public and private fund offerings [5] Group 3: Industry Perspective - The securities brokerage industry is shifting towards wealth management as traditional brokerage business faces intensified competition and declining commission rates [1][6] - The current market environment, characterized by a surge in personal investable assets and a shift in funds towards equity markets, presents a significant opportunity for securities firms [6][7] - Analysts note that securities firms are well-positioned to benefit from the growth in equity wealth management due to their market investment capabilities and client base [6][7]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇2月10日丨华安证券(600909.SH)公布，近日，公司收到中国证券监督管理委员会（以下简称"证 监会"）《关于华安证券股份有限公司向香港子公司增资有关意见的复函》（机构司函[2026]190号，以 下简称"《复函》"），对公司向华安金控增资5亿港元无异议。公司将按照《复函》的要求及国家外汇 管理部门的相关规定，办理外汇登记、资金划转有关手续，并在增资完成后10个工作日内，将境外有关 监管当局核准的华安金控变更注册证明文件等报送安徽证监局。公司将严格按照向证监会报告的增资用 途使用有关资金，不变更增资用途。 ...

Group 1 - Huatai Securities has completed the issuance of HKD 10 billion zero-coupon convertible bonds, which will be used to enhance its overseas business development and supplement working capital [2][4] - The bonds will be listed on the Vienna MTF and are set to mature in 2027 [2] - The company plans to increase its wholly-owned subsidiary Huatai International by up to HKD 9 billion to support overseas business growth [4] Group 2 - Northeast Securities has received approval from the China Securities Regulatory Commission (CSRC) to establish Dongzheng International Financial Holdings Limited in Hong Kong with a capital of HKD 5 billion [4][7] - The company is required to comply with local laws and regulations during the establishment of Dongzheng International [7] - This move aims to enhance the company's ability to respond to international market risks and challenges [5] Group 3 - Huawan Securities has also received CSRC approval for a capital increase of HKD 5 billion to its Hong Kong subsidiary, Huawan Securities (Hong Kong) Financial Holdings Limited [7][10] - The increase in capital is intended to strengthen the subsidiary's operations in the Hong Kong market [10]

北京商报讯（记者 刘宇阳 实习生 姚榕琰）2月10日，华安证券发布公告称，近日，公司收到中国证监会《关于华安证券股份有限公司向香 港子公司增资有关意见的复函》（以下简称《复函》）， 对公司向华安金控增资5亿港元无异议。 华安证券表示，将按照《复函》的要求及国家外汇管理部门的相关规定，办理外汇登记、资金划转有关手续，并在增资完成后10个工作日 内，将境外有关监管当局核准的华安金控变更注册证明文件等报送安徽证监局。公司将严格按照向证监会报告的增资用途使用有关资金， 不变更增资用途。 ...

2月10日，华安证券（600909）发布公告，中国证券监督管理委员会对公司向香港全资子公司华安证券 （香港）金融控股有限公司增加注册资本5亿港元无异议。 2月10日，华安证券（600909）发布公告，中国证券监督管理委员会对公司向香港全资子公司华安证券 （香港）金融控股有限公司增加注册资本5亿港元无异议。 ...