开源证券IPO梦碎：屡遭监管“点名”，债券业务被暂停冲击业绩

Core Viewpoint - The IPO application of Kaiyuan Securities has been suspended due to the withdrawal of the sponsor, marking a significant setback for the company after three years of efforts to go public [1][4][5]. Group 1: Company Background - Kaiyuan Securities is headquartered in Xi'an, Shaanxi, and its main business includes securities brokerage, investment consulting, financial advisory, underwriting and sponsorship, proprietary trading, fund sales, asset management, margin financing, and selling financial products [1]. - The company is controlled by Shaanxi Coal and Chemical Industry Group, which holds 58.80% of the shares, and the actual control is held by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [2]. Group 2: IPO Journey - The IPO journey began in July 2022 when Kaiyuan Securities submitted its application to the China Securities Regulatory Commission (CSRC) for listing on the Shenzhen Stock Exchange [2]. - The company planned to issue up to 1.153 billion shares, aiming to raise 4 billion yuan for business upgrades, including enhancing brokerage services, investment banking capabilities, and digital service capabilities [2][3]. Group 3: Regulatory Challenges - The CSRC imposed a six-month suspension on the company's bond underwriting qualifications due to compliance issues, which significantly impacted its investment banking revenue [6][7]. - The company faced multiple regulatory penalties and compliance concerns, including misleading statements in fundraising documents and inadequate due diligence in bond underwriting [9][10]. Group 4: Financial Performance - In 2024, the company's investment banking revenue dropped to 464 million yuan, a decrease of 45.89% year-on-year, with the contribution to total revenue falling from 41.07% in 2019 to 16.23% [7]. - The overall revenue for 2024 was 2.859 billion yuan, a decline of 6.61% year-on-year, while the net profit attributable to shareholders increased by 12.25% to 687 million yuan [14]. Group 5: Market Position and Future Outlook - Despite the challenges, Kaiyuan Securities has established a strong position in the New Third Board market, supervising 723 companies, which accounts for 11.77% of the total listed companies [2][13]. - The company is expected to focus on enhancing its services for supervised enterprises and may consider restarting its IPO application after the suspension period ends [15].