Core Viewpoint - Shouchuang Securities has officially initiated its "A+H" dual listing process, with a market capitalization of 60 billion RMB as of October 17, 2025, and is ranked fifth in revenue growth and tenth in net profit growth among 42 A-share listed securities companies in China from 2022 to 2024 [2][3]. Group 1: Company Overview - Shouchuang Securities, established in 2000, is controlled by the Beijing State-owned Assets Supervision and Administration Commission [2]. - As of October 17, 2025, the company's market capitalization reached 60 billion RMB [2]. - The company ranks first in average total asset return and seventh in net asset return among A-share listed securities companies for 2024 [2]. Group 2: Financial Performance - For the fiscal years 2022, 2023, 2024, and the first half of 2025, Shouchuang Securities reported operating revenues of 2.519 billion, 2.970 billion, 3.588 billion, and 1.845 billion RMB, respectively [3]. - The corresponding net profits for the same periods were 554.936 million, 701.099 million, 985.147 million, and 490.182 million RMB [3]. - Investment income and gains for the first half of 2025 increased by 50.8% year-on-year, amounting to 873 million RMB [4]. Group 3: Shareholding Structure - Prior to the listing, Shouchuang Group, a subsidiary of the Beijing State-owned Assets Supervision and Administration Commission, held 56.77% of Shouchuang Securities, making it the controlling shareholder [7]. - Following a recent equity transfer, Shouchuang Group's stake was reduced to 53.20%, while Beijing Infrastructure Investment Co., the second-largest shareholder, increased its stake to 20.87% [8].

Group 1 - The core viewpoint of the article emphasizes that the A+H listing model is not only a financing tool for brokerages but also a strategic move to enhance brand recognition and attract global investors [1][2][3] - The A+H model provides brokerages with access to broader funding channels, leveraging the unique investor structures of both A-share and H-share markets, which can significantly support business expansion and innovation [1][2] - By successfully listing in Hong Kong, brokerages can increase their visibility among international investors, leading to enhanced brand value and customer trust, which in turn can drive higher transaction volumes and commission income [2][3] Group 2 - The A+H model is seen as a shortcut for brokerage development, allowing them to quickly integrate into the international market and adopt advanced operational practices, thereby improving their core competitiveness [3] - This model breaks down geographical and market barriers, enabling brokerages to allocate resources and conduct business on a global scale, laying a solid foundation for long-term growth [3] - The trend of A+H listings aligns with the globalization of finance, offering multiple advantages in financing, customer acquisition, and business opportunities, making it a crucial pathway for brokerages aiming for rapid development [3]

首创证券冲击A+H，对于券商来说，如果成功在港股上市，将能让全球投资者注意到其券商品牌，不 仅成功获得融资，还能获得更多的客户和潜在的经纪、投行业务，这是券商股发展的捷径，将能事半功 倍。 从融资角度看，A+H模式为券商开辟了更为广阔的资金渠道。A股市场与H股市场，各有其独特的资金 来源和投资者结构。A股市场依托庞大的国内投资者群体，资金流动性强，对本土券商有着深厚的认知 基础；而H股市场则汇聚了全球各地的投资者，其资金规模庞大且具有国际化特征。 当券商同时在A股和H股上市，就能够根据自身发展需求，灵活地从两个市场中汲取资金，为业务扩 张、创新发展提供坚实的资金保障。这种融资上的优势，是单一市场上市所无法比拟的。 然而，A+H的意义远不止于此。对于券商而言，成功在港股上市，将能极大地提高自身在国际投资者 群体中的知名度。港股市场拥有高度开放的市场环境、完善的法律体系和成熟的监管机制，是全球投资 者关注的焦点。券商实现H股上市，能够吸引全球投资者的目光，让他们注意到自身的券商身份。这种 国际关注度的提升，带来的不仅仅是资金，更是品牌价值的跃升。一个在国际市场上具有知名度的券 商，更容易获得客户的信任和认可，从而 ...

Core Viewpoint - The brokerage sector is experiencing a rally as the stock market index surpasses 3900 points, with notable performances from firms like Tianfeng Securities and Huatai Securities. The overall performance of brokerages is expected to remain strong due to increased trading volumes and a favorable market environment, as evidenced by significant growth in their earnings and transaction taxes [1][7]. Group 1: Brokerage Performance - In the first half of the year, 42 listed brokerages achieved a net profit of 104 billion RMB, marking a 65% year-on-year increase [1]. - The surge in securities transaction stamp duty, which reached 1,448 billion RMB with a 103.4% year-on-year increase, indicates strong performance for brokerages in the third quarter [1][5]. - The A-share market, with over 5,000 listed companies and more than 200 million investors, presents a substantial opportunity for brokerages [1]. Group 2: Company Overview - Shouchuang Securities operates under a full-license framework, covering various business areas including brokerage, investment consulting, underwriting, proprietary trading, asset management, and financial product sales [2][3]. - The company's asset management and wealth management business revenues have declined, while investment-related business revenues have increased from 26.9% to 51.8% of total income [3]. Group 3: Financial Performance - Shouchuang Securities reported total revenues of approximately 25.19 billion RMB, 29.7 billion RMB, 35.88 billion RMB, and 18.45 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [7]. - The company declared dividends of approximately 5.06 billion RMB, 4.24 billion RMB, and 2.6 billion RMB for the years 2023, 2024, and the first half of 2025, totaling nearly 12 billion RMB over two and a half years [8]. Group 4: Market Position and Competition - As of 2024, there are 150 registered securities firms in China, with the top ten accounting for about 70% of total industry revenue. Shouchuang Securities ranked around 40th with a revenue of approximately 24.18 billion RMB, significantly lower than leading firms [11]. - The brokerage industry is characterized by intense competition and consolidation, with several mergers and acquisitions occurring to enhance market concentration [12]. Group 5: Future Prospects - Shouchuang Securities is seeking to list on the Hong Kong Stock Exchange, aiming to raise funds for various business segments, including asset management and technology investments [13][14]. - The company faces challenges in maintaining its market share and revenue in the competitive landscape, particularly in asset management, which has seen a decline in income [5][14].

格隆汇新股 市值超588亿！首创证券赴港IPO，来自北京朝阳区 原创 阅读全文 ...

Core Viewpoint - The brokerage sector is experiencing a rally as the stock market index surpasses 3900 points, with notable performances from firms like Tianfeng Securities and Huatai Securities. The overall performance of listed brokerages is expected to remain strong due to increased trading volumes and a significant rise in securities transaction stamp duty [1][2]. Group 1: Market Performance and Financials - In the first half of the year, 42 listed brokerages achieved a net profit of 104 billion RMB, marking a 65% year-on-year increase [1]. - The stamp duty on securities transactions surged to 1,448 billion RMB in the first three quarters, reflecting a 103.4% year-on-year growth, indicating robust brokerage performance in Q3 [1]. - The A-share market, with over 5,000 listed companies and more than 200 million investors, presents a substantial market opportunity for brokerages [1]. Group 2: Company Overview and Business Model - Shouchao Securities operates under a full-license structure, encompassing various business areas including brokerage, investment consulting, underwriting, proprietary trading, asset management, margin financing, and fund sales [5]. - The company's asset management and wealth management business segments have seen a decline, while investment-related business revenue has increased from 26.9% to 51.8% of total revenue from 2022 to 2025 [8]. Group 3: Financial Performance and Projections - Shouchao Securities reported total revenues of approximately 25.19 billion RMB, 29.7 billion RMB, 35.88 billion RMB, and 18.45 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [14]. - The company’s net profit for the same periods was approximately 5.55 billion RMB, 7.01 billion RMB, 9.85 billion RMB, and 4.9 billion RMB [14]. - The asset management segment's pre-tax profit dropped by 67.1% in the first half of 2025, with profit margins declining from 62.5% to 37.7% [10]. Group 4: Competitive Landscape - The Chinese brokerage industry is characterized by intense competition, with over 150 registered securities firms and the top ten accounting for about 70% of total industry revenue [18]. - Shouchao Securities ranks around 40th in revenue among A-share listed brokerages, significantly trailing behind leading firms with stronger financial capabilities and brand recognition [18]. Group 5: IPO and Future Prospects - Shouchao Securities has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for its asset management, investment banking, and technology initiatives [22]. - If successful, it would become the 14th brokerage in China to achieve "A+H" listing status, potentially enhancing its market position despite facing challenges in revenue growth and competition [22].

来源：CFO职业圈 2025年10月16日晚间，首创证券向港交所递交H股发行上市申请。此次港股IPO联席保荐人包括中信证 券、中国银河国际、中信建投国际、中银国际，审计及申报会计师为安永会计师事务所。 唐先生于1995年6月在中国获得兰州大学经济学硕士学位，并于1992年7月在中国获得湖南师范大学理学 学士学位。自2013年7月起成为中国注册会计师协会非执业会员。 01 总会计师为国富浩华前合伙人 招股说明书显示，公司总会计师唐洪广先生2011年加入公司。加入公司前，唐洪广先生曾任国富浩华会 计师事务所有限公司副总裁、合伙人。 | | | | | | | 與其他 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 瘦婴任為 | | 童事及 | | | | | | 高级管理所 | 加入本集團 | 高级管理局 | | 姓名 | 年齡 | 膜位 | 咸黄 | 的日期 | 的時間 | 的關係 | | 張濤先生 | 53歲 | 黨委書記 · | 負責本集團的 | 2024年4月 | 2024年4月 | सम | | | | 綱經埔 | 整體經營量 | | | ...

Core Viewpoint - Shouchuang Securities has officially initiated the "A+H" dual listing process by submitting an application to the Hong Kong Stock Exchange, with several major securities firms acting as joint sponsors [1][2]. Company Overview - Shouchuang Securities, established in 2000 and controlled by the Beijing State-owned Assets Supervision and Administration Commission, went public on the Shanghai Stock Exchange on December 22, 2022, with an initial stock price increase of 43.99%, reaching a market capitalization of 27.8 billion RMB [2]. - As of October 17, 2025, the company's market capitalization has grown to 60 billion RMB [2]. Financial Performance - For the fiscal years 2022, 2023, 2024, and the first half of 2025, Shouchuang Securities reported revenues of 2.519 billion RMB, 2.970 billion RMB, 3.588 billion RMB, and 1.845 billion RMB respectively, with corresponding net profits of 554.936 million RMB, 701.099 million RMB, 985.147 million RMB, and 490.182 million RMB [3][4]. - The company achieved a year-on-year revenue growth of 0.44% and a net profit growth of 2.73% in the first half of the year [4]. Market Position - Among 42 A-share listed securities companies, Shouchuang Securities ranks fifth in revenue and tenth in net profit compound annual growth rate from 2022 to 2024 [2]. - In 2024, the company is projected to have the highest average return on total assets and the seventh highest return on equity among the aforementioned A-share listed securities firms [2]. Shareholding Structure - Prior to the listing, Shouchuang Group, a subsidiary of the Beijing State-owned Assets Supervision and Administration Commission, held a 56.77% stake in Shouchuang Securities, making it the controlling shareholder [6].

Core Viewpoint - 首创证券 has officially initiated its "A+H" dual listing process by submitting an application to the Hong Kong Stock Exchange, aiming to become the 14th "A+H" listed brokerage in China [1][2]. Group 1: Company Overview - 首创证券 was established in 2000 and is controlled by the Beijing State-owned Assets Supervision and Administration Commission. It was listed on the Shanghai Stock Exchange on December 22, 2022, with an initial stock price increase of 43.99%, reaching a total market capitalization of 27.8 billion RMB [2]. - As of October 17, 2025, the market capitalization of 首创证券 has grown to 60 billion RMB [2]. Group 2: Financial Performance - For the fiscal years 2022, 2023, 2024, and the first half of 2025, 首创证券 reported revenues of 2.519 billion RMB, 2.970 billion RMB, 3.588 billion RMB, and 1.845 billion RMB respectively, with corresponding net profits of 554.936 million RMB, 701.099 million RMB, 985.147 million RMB, and 490.182 million RMB [3][4]. - In the first half of 2025, 首创证券's revenue increased by 0.44% year-on-year, while net profit grew by 2.73% [4]. Group 3: Growth Metrics - According to Frost & Sullivan, from 2022 to 2024, 首创证券's revenue and net profit compound annual growth rates rank fifth and tenth respectively among 42 A-share listed securities companies in China [2]. - By 2024, 首创证券 is projected to have the highest average return on total assets and the seventh highest return on equity among the aforementioned A-share listed securities companies [2].

Core Viewpoint - The company, Shouchao Securities, has officially initiated the "A+H" dual listing process by submitting its listing application to the Hong Kong Stock Exchange on October 16, 2023 [1][3]. Group 1: Listing Process - Shouchao Securities has appointed four joint sponsors for its Hong Kong listing: CITIC Securities, China Galaxy International Securities, CITIC Jianye International, and Bank of China International [3][5]. - The company aims to become the 14th broker to achieve "A+H" listing status if it successfully passes the hearing [15]. Group 2: Fundraising Purpose - The funds raised from the Hong Kong listing will be allocated to support the development of core business areas, including asset management and investment, enhance IT and technology investments, and promote digital transformation [11][12]. - Specific uses of the raised funds include establishing an asset management subsidiary, expanding distribution channels, and enhancing the capabilities of private equity fund subsidiaries [12][13][14]. Group 3: Company Performance - Shouchao Securities has maintained a strong growth trajectory, ranking fifth in revenue and tenth in net profit compound annual growth rate among 42 A-share listed securities companies from 2022 to 2024 [8]. - The company has been recognized for its contributions to Beijing's economic development by facilitating financing for key industry projects and supporting the transformation of technological innovations [8].