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].

今年7月，首创证券宣布启动H股上市计划，次月其H股发行上市事项获北京市国资委批复。 数据显示，目前A股市场共有13家"A+H"上市券商。若顺利通过聆讯，首创证券将成为第14家"A+H"上市券商。 首创证券成立于2000年，是一家北京市国资委实际控制的券商，于2022年12月22日登陆上交所，上市首日股价即大涨43.99%，总市值 达278亿元。截至2025年10月17日收盘，其市值已达600亿元。 根据弗若斯特沙利文的资料，在中国会计准则下，2022年至2024年，首创证券的收入及净利润年复合增长率，在中国42家A股上市证券 公司中分别排名第五及第十。于2024年，根据中国会计准则，首创证券的平均总资产收益率及扣非加权平均净资产收益率在上述A股已 上市证券公司中分别排名第一及第七。 瑞财经 王敏 10月16日，港交所官网显示，首创证券股份有限公司（以下简称"首创证券"）向港交所提交上市申请书，正式启 动"A+H"双重上市进程，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。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- ...

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].

Core Viewpoint - The company, Shouchao Securities, has submitted an application for a secondary listing on the Hong Kong Stock Exchange, aiming to enhance its capital strength and international influence, potentially becoming the 14th "A+H" listed brokerage in China [1][2][3]. Group 1: Listing and Capital Plans - Shouchao Securities plans to use the funds raised from the IPO for asset management, investment, investment banking, and IT/technology investments, as well as to supplement working capital [2][3]. - The company aims to establish an asset management subsidiary to optimize its asset management business layout and expand its product strategies [2][3]. - The company has received approval from the Beijing State-owned Assets Supervision and Administration Commission for its Hong Kong IPO application [2]. Group 2: Financial Performance - In the first half of 2025, Shouchao Securities reported a revenue of 12.84 billion yuan, a year-on-year increase of 2.33%, with a net profit of 4.9 billion yuan, up 2.8% [5][6]. - The asset management segment saw a significant decline in revenue, down 54.06% year-on-year to 2.53 billion yuan, accounting for 19.74% of total revenue [5][6]. - Conversely, the investment segment experienced a revenue increase of 56.07% year-on-year, reaching 8.19 billion yuan, becoming the main driver of the company's performance [5][6]. Group 3: Market Position and Stock Performance - As of October 17, 2025, Shouchao Securities' A-share price was 21.86 yuan per share, with a total market capitalization of 597.15 billion yuan, reflecting a year-to-date price change of -0.21% [1][4]. - The average stock price increase for 50 listed brokerages in A-shares was 10.07%, positioning Shouchao Securities at 40th among its peers [4]. Group 4: Shareholder Structure and Changes - Prior to the IPO application, Shouchao Securities underwent a shareholding adjustment, with Beijing State-owned Assets holding 82.38% of the company [5][7]. - Following a recent share transfer, Shouchao Group and Jingtou Company will hold 53.2% and 20.87% of the shares, respectively, maintaining their status as the largest and second-largest shareholders [7].

Core Viewpoint - The company has submitted its H-share listing application to the Hong Kong Stock Exchange, aiming to enhance its capital strength and competitiveness while supporting its core business development and digital transformation initiatives [1] Group 1: H-Share Listing - The company officially submitted its H-share listing application to the Hong Kong Stock Exchange on October 16 [1] - The funds raised from the listing will be used to support asset management and investment businesses, strengthen IT and technology investments, and promote digital transformation [1] - The company aims to enhance its capital strength, integrate international resources, and increase its international influence through this listing [1] Group 2: Financial Performance - According to a report by Frost & Sullivan, the company ranks fifth in revenue and tenth in net profit compound annual growth rate among 42 A-share listed securities companies from 2022 to 2024 [2] - The company ranks first in total asset return and seventh in non-diluted weighted net asset return among A-share listed securities companies for 2024 [3] Group 3: Market Position - The company has established a one-stop financial service platform and has a diverse and stable customer base [1] - It has maintained a good development trend and has become a leading financial service provider with strong value creation and asset management capabilities [1]

Core Viewpoint - The company, Shouchao Securities, has officially submitted its prospectus to the Hong Kong Stock Exchange to initiate the "A+H" dual listing process, aiming to raise funds for core business development and digital transformation [1][2]. Group 1: Company Overview - Shouchao Securities is a state-owned listed securities firm in Beijing, demonstrating strong growth and a leading ability in value creation and asset management over its 25 years of development [2]. - The company has established a one-stop financial service platform, serving a diverse and steadily growing client base across the nation [2]. Group 2: Financial Performance - According to the prospectus, from 2022 to 2024, Shouchao Securities ranks fifth and tenth among 42 A-share listed securities firms in China for revenue and net profit compound annual growth rates, respectively [2]. - In 2024, the company is projected to rank first in total asset return and seventh in non-diluted weighted net asset return among A-share listed securities firms [2]. Group 3: Governance and Community Impact - The company has established an efficient governance structure, comprehensive risk management system, and effective internal control mechanisms to pursue value creation [3]. - Shouchao Securities actively supports the economic development of Beijing by financing key industry projects and promoting technological innovation, contributing to regional economic growth [3]. Group 4: Shareholder Returns and Market Recognition - The company maintains steady profit growth and a scientific capital operation strategy, consistently implementing high cash dividend ratios to provide long-term stable returns to shareholders [3]. - Shouchao Securities has been included in influential market benchmark indices such as the CSI 300 Index and MSCI China Index, reflecting its recognized value and sustainable growth potential [3]. Group 5: Listing Progress - The submission of the prospectus marks a significant step in Shouchao Securities' H-share listing process, following the approval from the Beijing State-owned Assets Supervision and Administration Commission [3].

Core Viewpoint - The company, Shouchao Securities, has officially initiated the process for a dual listing ("A+H") by submitting its application to the Hong Kong Stock Exchange on October 16, 2023 [1][4]. Group 1: Listing Process - Shouchao Securities has appointed four joint sponsors for its Hong Kong listing: CITIC Securities, China Galaxy International, CITIC Securities International, and Bank of China International [4][6]. - The company aims to become the 14th securities firm to achieve "A+H" listing status, joining 13 others currently listed in the A-share market [3][14]. 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 [3][13]. - Specific uses of the raised funds include strengthening the capabilities of private equity subsidiaries, enhancing investment capabilities, and expanding the securities investment and alternative investment sectors [13][15]. Group 3: Company Performance - Shouchao Securities has demonstrated strong growth, ranking fifth in revenue and tenth in net profit growth among 42 A-share listed securities firms from 2022 to 2024 [10]. - The company has been recognized for its contributions to Beijing's economic development by facilitating financing for key projects and supporting the transformation of technological innovations [10].

Core Viewpoint - 首创证券 has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming to become the 14th broker in the "A+H" listing category [2][3]. Group 1: Listing Process - On October 16, 首创证券 officially initiated the "A+H" dual listing process by submitting its prospectus to the Hong Kong Stock Exchange [5]. - The company has appointed four joint sponsors for the listing: CITIC Securities, China Galaxy International, CITIC Securities International, and Bank of China International [7][5]. Group 2: Fundraising Purpose - The funds raised from the Hong Kong listing will be allocated to support the development of core businesses, including asset management and investment, enhance IT and technology investments, and promote digital transformation [3][11]. - Specific uses of the raised funds include strengthening the capabilities of private equity subsidiaries, enhancing investment capabilities, and expanding the asset management business [12][13]. Group 3: Company Performance and Strategy - 首创证券 has shown a strong growth trajectory, ranking fifth in revenue and tenth in net profit growth among 42 A-share listed securities companies from 2022 to 2024 [8]. - The company aims to integrate international resources and enhance its global influence through this listing, while also contributing to the economic development of Beijing by providing financial support to local enterprises [8][14].

Group 1 - The Hong Kong IPO market has seen significant activity in 2023, with 73 companies listed and total fundraising reaching HKD 188.7 billion, a year-on-year increase of 227.75%, making it the leader in global new stock financing [1] - Chinese securities firms have played a crucial role in this IPO boom, with CICC leading as a sponsor for 25 IPOs and underwriting HKD 34.03 billion, followed by CITIC Securities (Hong Kong) and Huatai Financial Holdings [1] - The increasing market share of top-tier Chinese brokers indicates a strengthening of their investment banking revenue and reflects the accelerated internationalization of Chinese financial institutions [1] Group 2 - Shouchao Securities has officially submitted its prospectus to the Hong Kong Stock Exchange for an A+H dual listing, aiming to raise funds for core business development and digital transformation [2] - If successful, Shouchao Securities will become the 14th securities firm to achieve A+H listing, which may attract more attention to capital operations among smaller brokers and potentially lead to a revaluation of the securities sector [2] - This move signifies a deepening of capital layout and may enhance the company's international profile, attracting more foreign investors [2] Group 3 - A significant influx of over HKD 2 billion into the REITs market was observed, with two funds achieving "sold out" status in one day, indicating strong investor demand for stable income assets [3] - The low allocation ratios for the two REITs reflect a supply-demand imbalance in the market, which may lead to a revaluation of similar products [3] - The REITs trend highlights a preference for high-dividend assets in a low-interest-rate environment, potentially bringing new capital into the market [3] Group 4 - CICC has received approval to issue up to HKD 10 billion in technology innovation bonds, showcasing regulatory support for brokers serving the tech innovation sector [4] - This approval is expected to enhance CICC's capital strength and business expansion capabilities, improving its competitiveness in underwriting and investment in the STAR Market [4] - The expansion of technology innovation bonds is likely to direct more funds towards the tech sector, injecting new momentum into the capital market and aiding economic structural transformation [4]