Core Viewpoint - The Hong Kong stock market has shown significant growth in 2023, with the Hang Seng Index and Hang Seng Tech Index both rising over 20%, leading to a surge in IPOs and post-listing financing, benefiting brokerage firms like Xingsheng International [1][2] Market Performance - In the first half of 2025, Hong Kong's capital market performed exceptionally well, with a total fundraising amount of HKD 107.1 billion in the new stock market, a sevenfold increase year-on-year, and the Hang Seng Index rising nearly 20% [2] - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion, up 118% year-on-year [2] Company Performance - Xingsheng International reported a revenue of HKD 398 million for the first half of 2025, maintaining a steady upward trend, with a net profit of approximately HKD 103 million, a year-on-year increase of 16.08% [2] - The total asset size of the company reached HKD 20.901 billion, a significant increase of 32.85% compared to the end of 2024 [2] Business Segments - The company's main revenue sources include wealth management services, corporate financing services, asset management services, and financial products [2] - Corporate financing emerged as a core growth driver, with revenue increasing by 84.89% year-on-year to HKD 90.08 million [2][3] Bond Underwriting - Xingsheng International's bond underwriting business saw a remarkable performance, with revenue growth of 120.37% to HKD 85.24 million, completing 105 bond underwriting projects with a total scale of USD 1.112 billion, a 13% year-on-year increase [3] - The company ranked sixth in the Hong Kong market for Chinese bond underwriting, reflecting its strong market position [3] Wealth Management - In wealth management, Xingsheng International achieved revenue of approximately HKD 77.89 million, with brokerage commissions and fees contributing HKD 64.49 million and margin interest income of HKD 13.4 million [3] - The company launched promotional policies during the IPO boom, leading to a 71% year-on-year increase in client trading volume in Hong Kong stocks, reaching approximately HKD 34.7 billion [3] Cross-Border Financial Services - The cross-border wealth management business has diversified the company's revenue sources, achieving nearly HKD 900 million in product sales, an increase of about 11% year-on-year [4] - The company aims to enhance its cross-border business advantages and global service capabilities through a robust domestic and international service network [4] Investment Performance - The company's self-managed investment business maintained stability, with asset management revenue of approximately HKD 5.71 million and total managed assets of HKD 5.7 billion [4] - The annualized return rate for fixed income investments was 8.19%, while equity investments achieved an annualized return rate of 13.75% [5] Digital Asset Development - Hong Kong is focusing on the innovation and development of financial technology and digital assets, with regulatory frameworks being established to support virtual asset trading and custody services [6][7] - Xingsheng International is strategically positioning itself to capitalize on opportunities in the digital asset market, aiming to enhance its technological capabilities and business reserves [7][8] Future Outlook - The company plans to strengthen its cross-border financial services and integrate various business lines to enhance revenue growth and stability [8] - Xingsheng International is expected to continue optimizing its diversified business model, which will likely improve its profitability and attract long-term investor interest [8]
兴证国际(06058)：稳健经营牢筑增长基石，新业务拓展打开成长空间