瑞信证券正式更名，北京证券“重现江湖”

Core Viewpoint - The ownership change of Credit Suisse Securities has been completed, with the company now renamed Beijing Securities, marking the end of a nearly year-long equity sale process and the beginning of a new chapter under the control of Beijing State-owned Assets Management Company [2][11]. Group 1: Ownership and Structural Changes - Credit Suisse Securities has been renamed Beijing Securities, with Beijing State-owned Assets Management Company becoming the largest shareholder with an 85.01% stake, while UBS Group's stake has decreased to 14.99% [2][11]. - A supplementary agreement was signed on July 21, detailing seller responsibilities regarding potential claims arising from business activities prior to the equity transfer, with a claim limit set at 75% of the transaction price [2][4]. - The ownership transition reflects a strategic move by UBS Group to streamline its operations in China, as it retains its other entity, UBS Securities, while divesting from Credit Suisse Securities [9][10]. Group 2: Historical Performance and Challenges - Credit Suisse Securities, established in 2008, struggled with profitability, reporting losses in eight out of its first ten years, with total assets not exceeding 1 billion yuan [3][4]. - The peak performance year was 2021, with revenues of 497 million yuan and a net profit of 45 million yuan, largely driven by investment banking activities [4][5]. - The company faced significant challenges in 2022, resulting in a net loss of 254 million yuan, and continued to report losses into 2024, with revenues dropping to 57 million yuan, a 63.81% decline year-on-year [5][6]. Group 3: Future Prospects and Market Context - The rebranding to Beijing Securities signifies a renewed opportunity for the company to leverage local state-owned resources in a competitive market [11]. - The local state-owned securities firms are expanding, with Beijing Securities joining the ranks of other state-controlled brokerages, indicating a trend of consolidation and potential for improved performance [11]. - The market is witnessing a wave of mergers and acquisitions, raising questions about whether the new Beijing Securities can achieve profitability and capitalize on emerging opportunities [11].