首创证券港股IPO火速获批，“A+H”落地在望，合并预期骤降

Core Viewpoint - The rapid approval of the H-share issuance for Shouchao Securities by the Beijing State-owned Assets Supervision and Administration Commission indicates a strong market interest and a significant step towards its Hong Kong listing, which is expected to enhance its capital and operational capabilities [1][3][4]. Group 1: IPO Details - Shouchao Securities plans to issue H-shares not exceeding 25% of its total share capital, with an additional 15% over-allotment option [1][3]. - The issuance will consist of both public offerings in Hong Kong and international placements, with pricing determined through a market-oriented mechanism [3]. - The funds raised will be used to supplement capital, operational funds, and support domestic and international business expansion [1][3]. Group 2: Market Reactions and Strategic Implications - The clarity of the IPO process has significantly reduced market speculation regarding a potential merger with First Capital Securities, indicating a strategic focus on independent growth and international expansion [1][4]. - The move reflects Shouchao Securities' commitment to enhancing its strength through capital markets, distancing itself from merger discussions [4]. Group 3: Financial Performance - Since its A-share listing in December 2022, Shouchao Securities has seen its market capitalization double, reaching approximately 57.92 billion yuan as of August 27, 2025 [5]. - The company's revenue has shown steady growth, increasing from 931 million yuan in 2017 to 2.418 billion yuan in 2024, marking a nearly 160% increase over seven years [6]. - For the first half of 2025, the expected net profit attributable to shareholders is projected to be between 180 million and 220 million yuan, reflecting a year-on-year growth of 65.44% to 79.98% [6].