Jin Rong Jie·2025-06-27 07:15Core Viewpoint - China Chengxin International has assigned a "AAA" rating to GF Securities Co., Ltd, highlighting its strong competitive strength and improved comprehensive financial service capabilities [1][2]. Group 1: Company Overview - GF Securities was established in 1991 as the securities trading department of Guangdong Development Bank, now known as GF Bank [2]. - The company became publicly listed on the Shenzhen Stock Exchange in 2010 after a reverse acquisition of Yanbian Highway Construction Co., Ltd [2]. - GF Securities completed its H-share issuance on the Hong Kong Stock Exchange in April 2015, raising HKD 32.079 billion by issuing 1.702 billion shares [2]. - As of the end of 2022, the registered capital of GF Securities was CNY 7.621 billion, with no controlling shareholder or actual controller [2]. - The company had 207,970 common shareholders by the end of 2022, with major shareholders including Jilin Aodong Pharmaceutical Group Co., Ltd (19.71%), Liaoning Chengda Co., Ltd (17.94%), and Zhongshan Public Utilities Group Co., Ltd (10.34%) [2]. Group 2: Credit Rating and Future Outlook - China Chengxin International acknowledged the strong competitive position and significant transformation in wealth management of GF Securities as positive factors supporting its overall operations and credit level [1]. - The agency also noted challenges such as increasing industry competition, operational stability pressures, higher risk management demands, and regulatory impacts on the company's investment banking business [1]. - The credit level of GF Securities is expected to remain stable over the next 12 to 18 months according to China Chengxin International [2].