Group 1 - The core viewpoint of the article is that Kaisheng Securities' journey towards IPO has ended with the termination of its listing review after three years of waiting, highlighting the challenges faced in the process [1][2]. - Kaisheng Securities submitted its IPO application to the CSRC in June 2022, and after being accepted in March 2023, the listing review was ultimately terminated by the Shenzhen Stock Exchange in June 2025 due to the withdrawal of the application by the sponsor, Minsheng Securities [2][3]. - The company operates as a comprehensive securities firm with multiple business lines, including securities brokerage, investment consulting, financial advisory, underwriting, proprietary trading, asset management, and more, leveraging national strategies like the Belt and Road Initiative [3][4]. Group 2 - From 2021 to the first half of 2024, Kaisheng Securities reported revenues of 2.7 billion yuan, 2.6 billion yuan, 3.1 billion yuan, and 1.24 billion yuan respectively, with net profits of 531 million yuan, 510 million yuan, 617 million yuan, and 283 million yuan [4][5]. - As of June 30, 2024, the total assets of the company amounted to 55.2 billion yuan, with a debt-to-asset ratio of 63.45% [4][5]. - In 2024, the company experienced a revenue decline of 6.61%, with total revenue reported at 2.86 billion yuan [6][8]. Group 3 - The bond underwriting business of Kaisheng Securities was suspended for six months starting from October 2024 due to compliance issues, which is expected to negatively impact the company's performance in 2024 and 2025 [7][8]. - The company had originally planned to raise 4 billion yuan through the IPO, with the funds intended to supplement capital, increase working capital, and expand business scale [10]. - The regulatory actions taken against Kaisheng Securities serve as a warning to the industry regarding the importance of compliance while pursuing growth [8].
开源证券IPO终止：去年营业收入下滑6.61% 债券承销业务曾被暂停半年
Sou Hu Cai Jing·2025-07-02 07:46