开源证券IPO终止 还有4家券商在排队上市

Core Viewpoint - The IPO application of Kaiyuan Securities has been terminated due to the withdrawal request submitted by its sponsor, Minsheng Securities, to the Shenzhen Stock Exchange [1][3]. Company Overview - Kaiyuan Securities is headquartered in Xi'an, Shaanxi, with its controlling shareholder being Shaanxi Coal and Chemical Industry Group, holding 58.80% of the shares. The actual controller is the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, which indirectly holds 64.17% of the voting rights through Shaanxi Coal Group and the fourth largest shareholder, Huitong Investment [3]. IPO Journey - The IPO process for Kaiyuan Securities has spanned three years, starting with the submission of its application to the China Securities Regulatory Commission in July 2022. The application was accepted on March 2, 2023, and the status changed to "inquiry" on April 11, 2023. No updates were provided prior to the termination of the IPO [3]. Financial Projections - Kaiyuan Securities initially aimed to raise 4 billion yuan through the IPO, with all proceeds intended to supplement the company's capital and enhance operational funds for business development [4]. Business Performance - The investment banking business is a key differentiator for Kaiyuan Securities, which has established itself as a notable player in the New Third Board sector since 2016. From 2018 to 2021, and in the first half of 2024, the company ranked first in the number of sponsored New Third Board listing projects [4]. - In 2024, the investment banking revenue faced setbacks, leading to a slight decline in overall revenue. The total revenue for 2024 was reported at 2.859 billion yuan, a year-on-year decrease of 6.61%, with investment banking fees dropping by 45.89% to 463 million yuan [4]. Project Pipeline - As of June 29, 2024, Kaiyuan Securities has seven IPO projects queued for the Beijing Stock Exchange and seven New Third Board projects in various stages of review and listing [4]. Competitors - Other securities firms still pursuing IPOs include Dongguan Securities, Bohai Securities, Caixin Securities, and Hualong Securities, each with distinct regional characteristics [5].