华龙证券股权降价拍卖再度延期，年内多家中小券商股权“无人问津”

Core Viewpoint - The auction of Hu Long Securities' shares held by Xin Zhou Group has been postponed for the third time, reflecting a cautious investment environment and low enthusiasm for participation in auctions among investors [1][3][7] Company Summary - Xin Zhou Group's auction of 11.6232 million shares of Hu Long Securities was initially set at a starting price of 13.02 million yuan, significantly lower than the market price of 23.2465 million yuan, indicating a drop of over 1 million yuan [3] - Hu Long Securities reported a revenue of 1.197 billion yuan in 2023, a year-on-year decrease of 10.93%, and a net profit of 322 million yuan, down 24.2% year-on-year [3] - The company has a total of 133 shareholders, with Xin Zhou Group holding 40 million shares, representing 0.63% of the total [4] Industry Summary - The auction environment for small and medium-sized securities firms has been challenging, with several auctions experiencing failures or postponements due to market volatility and cautious investor sentiment [6][7] - The "80/20 effect" is becoming more pronounced in the industry, where a few firms are thriving while many smaller firms struggle, leading to a reshaping of the industry landscape [7] - In contrast to the struggles of smaller firms, larger firms are actively participating in auctions, as seen with Zhejiang Securities successfully acquiring shares of Guodu Securities at a premium [7]