第14家“A+H”上市券商要来了

Core Viewpoint - Shouchao Securities has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to become the 14th domestic brokerage to achieve "A+H" listing after less than three years of being listed on the A-share market [1][6]. Group 1: IPO Details - The joint sponsors for the Hong Kong listing include CITIC Securities, China Galaxy International, CITIC Jianzhong International, and Bank of China International [5]. - The number of H-shares to be issued will not exceed 25% of the total share capital post-issue, with an option for overall coordinators to exercise a green shoe option of up to 15% [5]. - The specific fundraising amount has not been disclosed, but the issuance mechanism aims to stabilize the stock price during the initial listing phase [5]. Group 2: Financial Performance - Shouchao Securities reported revenues of RMB 2.519 billion, RMB 2.970 billion, RMB 3.588 billion, and RMB 1.845 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Corresponding net profits for the same periods were RMB 555 million, RMB 701 million, RMB 985 million, and RMB 490 million [5]. - The compound annual growth rate (CAGR) of asset management scale from 2022 to 2024 is projected to be 15.8% [5]. Group 3: Strategic Objectives - The IPO aims to enhance the company's capital strength and overall competitiveness, better integrate international resources, and increase international influence [6]. - The funds raised will primarily support the development of asset management, investment banking, wealth management, and IT investments for digital transformation [5][6]. Group 4: Market Context - As of December 31, 2024, there are 150 registered securities firms in China, with the top ten firms accounting for approximately 70% of the industry's total revenue [7]. - The competitive landscape among brokerages is intensifying, with expectations for consolidation among Beijing state-owned brokerages [7][10]. - Recent actions by the Beijing State-owned Assets Supervision and Administration Commission (SASAC) indicate a trend towards consolidation in the brokerage sector, aligning with policy encouragement for mergers among firms under the same actual controller [10][11].