券商再融资新动向：首创证券冲刺H股，13家“A+H”券商阵营或将扩容

Group 1 - The core point of the article is that Shouchao Securities has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness [2][3] - Shouchao Securities will consider the interests of existing shareholders and market conditions when determining the timing and window for the issuance, which is valid for 24 months from the shareholders' meeting approval [2][3] - Currently, there are 42 listed securities firms in the A-share market, with 13 achieving "A+H" listings, including major firms like CITIC Securities and Huatai Securities [3] Group 2 - The proposal for H-share listing by Shouchao Securities is closely related to the recent boom in the Hong Kong stock market, which has seen a significant increase in equity financing, reaching 291.64 billion yuan, a year-on-year growth of 288.75% [4] - The performance of the Hong Kong brokerage sector has been strong, with companies like China Galaxy and Dongfang Securities seeing over 60% increases in their H-shares this year, indicating positive market sentiment towards Chinese brokerages [4] - Shouchao Securities has a relatively small net capital, with total equity of 13.229 billion yuan, ranking 54th in the industry, which has led to some volatility in its performance [6] Group 3 - In 2024, Shouchao Securities achieved record high revenues of 2.418 billion yuan, a year-on-year increase of 25.49%, and a net profit of 985 million yuan, up 40.49% [6] - However, in the first quarter of 2025, the company experienced a decline in performance, with revenues of 432 million yuan, down 23.34%, and net profit of 151 million yuan, down 31.42% [6] - The company has appointed Ernst & Young Hong Kong as the auditing firm for the H-share listing and will comply with relevant regulations and approvals from regulatory bodies [6]