申港证券获批设立私募子公司！券商私募投资基金子公司队伍迎来第80位新成员

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved ShenGang Securities to establish a subsidiary for private equity investment funds, marking the addition of the 80th member to the brokerage private equity subsidiary sector. This approval represents a significant expansion in ShenGang Securities' business since its establishment in 2016 as the first joint venture brokerage under the CEPA agreement [1]. Regulatory Requirements and Compliance Management - The CSRC has set specific requirements for ShenGang Securities, including the completion of subsidiary establishment, staffing, systems, and premises. The subsidiary cannot commence operations until inspected by the local regulatory bureau. The company is required to enhance compliance management and risk control for the subsidiary, preventing conflicts of interest and ensuring stable operations [3]. - The China Securities Association has issued self-regulatory rules that outline the criteria for recognizing significant impacts on private equity subsidiaries, including reporting requirements. These rules aim to enhance the role of brokerages in supporting the real economy and promoting high-quality industry development [3]. Industry Development and Market Trends - The brokerage business model is evolving towards diversification, including "investment + investment banking" and "sponsorship + co-investment," highlighting the advantages of using proprietary funds for equity investments. This shift supports enterprise financing needs and promotes industrial upgrading and innovation [4]. - Brokerages are leveraging their research capabilities and risk management systems to attract more long-term capital into the market. By 2024, private equity subsidiaries are expected to focus on early-stage, small-scale, long-term investments in key technology sectors such as computing, semiconductors, and biomedicine. As of the end of 2024, the scale of existing products from brokerage private equity subsidiaries is projected to reach 635.14 billion yuan, a 2.4% increase year-on-year [4].