连年亏损，西南证券的香港孙公司要退市了

Group 1 - Southwest Securities' subsidiary, Xizheng International Securities, is set to be delisted on September 29, 2025, due to failure to meet the Hong Kong Stock Exchange's operational and asset requirements [1][2] - Xizheng International Securities has reported continuous losses since 2016, with a net profit loss of 10.47 million HKD in the first half of 2025, while Southwest Securities reported a net profit of 423 million RMB [1][2] - The total assets of Xizheng International Securities were approximately 0.83 billion RMB, accounting for about 0.09% of Southwest Securities' total assets of 92.1 billion RMB as of June 30 [1] Group 2 - The recent trend shows a surge in IPOs in Hong Kong, with several brokerages planning to establish subsidiaries there, contrasting with Xizheng International Securities' stagnant performance [2] - Southwest Securities attempted to divest Xizheng International Securities for 89.66 million HKD, significantly lower than the 694 million HKD paid during its acquisition in 2014, indicating a substantial loss [2][3] - Following the delisting, Southwest Securities aims to refocus its international business through its subsidiary, Xizheng International Investment, to enhance operational efficiency and support cross-border capital operations [3]