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首创证券宣布拟赴港上市

Core Viewpoint - Shouchao Securities has announced its plan to list H-shares on the Hong Kong Stock Exchange, aiming to enhance its capital strength and international competitiveness, potentially becoming the 14th broker to achieve "A+H" dual listing [1][2]. Group 1: Company Announcement - On July 25, Shouchao Securities' board approved the proposal for issuing H-shares and listing on the Hong Kong Stock Exchange [2]. - The company intends to issue H-shares not exceeding 25% of its total share capital post-issuance, with an option for an additional 15% through an overallotment [2]. - The funds raised will be used to increase capital, supplement working capital, and support the development of domestic and international securities-related businesses [2][3]. Group 2: Financial Performance - In 2024, Shouchao Securities reported a revenue of 2.418 billion yuan, a year-on-year increase of 25.49%, and a net profit of 985 million yuan, up over 40%, both reaching historical highs [3]. - However, in Q1 2025, the company experienced a decline in performance, with revenue of 432 million yuan, down 23.34%, and a net profit of 151 million yuan, down 31.42% [3]. Group 3: Industry Context - As of now, there are 42 listed brokers in the A-share market, with 13 having achieved "A+H" listings [4]. - The Hong Kong stock market has shown strong activity, with total equity financing reaching 291.641 billion yuan, a 288.75% increase year-on-year [4]. - The performance of H-shares has been robust, with some brokers seeing over 60% gains this year, providing a favorable market environment for Shouchao Securities' H-share listing [4]. Group 4: Strategic Implications - Listing in Hong Kong will allow Shouchao Securities to enhance its international presence and competitiveness, leveraging a more open market environment and international resources [5]. - The dual-platform strategy ("A+H") is expected to create new growth opportunities and improve the company's visibility in international markets [5].