Core Insights - 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 record highs in IPO and post-listing financing [1][2] - The active capital market has positively impacted brokerage firms, enhancing their performance across multiple business lines, particularly benefiting companies like Xingsheng International [1][2] - Xingsheng International has experienced a substantial increase in stock price, nearly doubling since July, reflecting strong market recognition of its value [1] Financial Performance - In the first half of 2025, Xingsheng International reported a revenue of HKD 398 million, maintaining a steady growth trend, with a net profit of approximately HKD 103 million, up 16.08% year-on-year [2] - The company's total assets reached HKD 20.901 billion, a significant increase of 32.85% compared to the end of 2024, indicating robust market competitiveness [2] Business Segments - The corporate financing segment emerged as a key growth driver, with revenue soaring 84.89% to HKD 90.08 million [2] - The bond underwriting business saw remarkable performance, with revenue increasing 120.37% to HKD 85.24 million, completing 105 bond underwriting projects with a total scale of USD 1.112 billion [3] - Wealth management services generated approximately HKD 77.89 million, with a notable 71% increase in client trading volume in Hong Kong stocks [3][4] Strategic Initiatives - Xingsheng International is actively pursuing green finance initiatives, successfully underwriting 34 green bonds with a financing scale exceeding HKD 60.7 billion [3] - The company is expanding its cross-border wealth management services, achieving nearly HKD 900 million in product sales, up about 11% year-on-year [4] - The firm is also enhancing its self-managed investment business, with asset management revenue of approximately HKD 5.71 million and total managed assets of HKD 5.7 billion [4][5] Digital Asset Development - Hong Kong's government is advancing digital asset policies, positioning the region as a leading asset center, which presents new opportunities for brokerage firms [6][7] - Xingsheng International plans to leverage these developments by enhancing its digital asset services and integrating cross-border financial products to meet diverse client needs [7][8] Future Outlook - The company aims to strengthen its cross-border financial services, focusing on sustainable development and risk management to create long-term value for investors [8] - Xingsheng International is expected to optimize its diversified business model, enhancing revenue stability and improving profitability, which could positively influence market perceptions of its growth prospects [8]
兴证国际：稳健经营牢筑增长基石，新业务拓展打开成长空间