Core Insights - The number of securities industry sponsors has decreased for the first time since the implementation of the revised "Securities Issuance and Listing Sponsorship Business Management Measures" in 2020, with a reduction of over 300 individuals in the first half of 2025 [1][2][3] Industry Trends - As of June 30, 2025, the total number of securities sponsors has dropped to 8,470, down from 8,812 at the end of 2024, marking a significant shift in the industry after five years of growth [2][3] - The decline in sponsor numbers is attributed to a tightening of IPO policies, leading to a significant reduction in the number of companies going public, with only 100 listings expected in 2024, the lowest since 2014 [3][4] Impact on Major Firms - Large securities firms have seen the most significant reductions in sponsor numbers, with firms like CITIC Securities and Guotai Junan experiencing notable decreases in their sponsor teams [4][5] - CITIC Securities reported a reduction of 53 sponsors, while Guotai Junan's team decreased by 41, reflecting the broader trend of downsizing in response to the challenging market environment [4][5] Small and Medium Firms - Smaller firms are experiencing more pronounced fluctuations in sponsor numbers due to their smaller base, with six firms reporting reductions exceeding 20% in the first half of 2025 [5] - The industry is facing a "capacity reduction" trend, with many firms restructuring and optimizing their teams in light of the current market conditions [6][7] Future Outlook - Despite the current challenges, there are indications of potential recovery in the IPO market, with regulatory bodies releasing favorable policies to support technology innovation companies [6][7] - However, firms are still cautious, with some sponsors transitioning to roles in the real economy or seeking public sector positions as they navigate the changing landscape [7]
“去产能”进行时 投行保代队伍缩水
Zheng Quan Shi Bao·2025-06-30 18:14