2 1 Shi Ji Jing Ji Bao Dao·2025-07-24 14:39Core Viewpoint - The establishment of Beijing Securities marks a significant return of the brand after 20 years, as it is now under the control of Beijing State-owned Assets Management Company, which holds an 85.01% stake in the company [2][3][4]. Group 1: Company Background - Beijing Securities, previously known as Credit Suisse Securities, has been rebranded after the acquisition by Beijing State-owned Assets Management Company [2][4]. - The original Beijing Securities was established in 1997 but was restructured in 2005 due to severe financial losses, leading to its disappearance from the market until now [5][6]. Group 2: Financial Performance - Beijing Securities has reported continuous losses over the past three years, with net profits of -255 million yuan in 2022, -199 million yuan in 2023, and -162 million yuan in 2024, totaling a cumulative loss of 616 million yuan [12][13]. - The immediate challenge for Beijing Securities is to turn its financial performance around before any potential mergers can be considered [12]. Group 3: Industry Context - With the addition of Beijing Securities, the number of brokerages under the Beijing State-owned Assets Management Company has increased to five, including Shouchuang Securities, First Capital Securities, CITIC Securities, and Financial Street Securities [6][8]. - Analysts suggest that the most likely merger candidates within the Beijing State-owned system are Shouchuang Securities and First Capital Securities due to their shared ownership history [9][10].