3100人狂赚6.95亿！陕西券商IPO猝死，A股不养“地头蛇”？

Core Viewpoint - Shaanxi Kaiyuan Securities, despite strong fundamentals and regional dominance, has faced three failed IPO attempts, highlighting challenges in the A-share market and compliance issues [1][5]. Group 1: Company Overview - Shaanxi Kaiyuan Securities has annual revenue of 2.8 billion, employs 3,100 people, and holds over 10% market share in the New Third Board [1][3]. - The company has excelled in the New Third Board, ranking first in new listings for five consecutive years with 689 companies under its sponsorship [3][4]. - In the bond underwriting sector, it led with 129 bonds underwritten in 2022, totaling 135.4 billion, a 44.9% increase year-on-year [4]. Group 2: IPO Challenges - The first IPO attempt in 2018 failed due to declining performance and regulatory penalties; the second in 2020 was hindered by due diligence failures; the third attempt faced scrutiny over historical compliance issues [5][6]. - The company struggles with being perceived as a regional player rather than a national contender, which is a significant barrier in the A-share market [6][9]. - Compliance failures have led to a six-month suspension of its bond underwriting business, severely impacting its core operations [7][8]. Group 3: Lessons for Regional Leaders - The case of Shaanxi Kaiyuan Securities serves as a cautionary tale for other regional leaders, emphasizing that strong local performance does not guarantee national recognition [9][10]. - Compliance should be viewed as essential for long-term success rather than a mere formality; neglecting it can lead to severe consequences [10]. - The advantages of being a state-owned enterprise come with increased scrutiny and regulatory expectations, which must be managed carefully [10][12].