NSC(SH:601990) Zheng Quan Ri Bao·2025-11-04 15:41Core Viewpoint - Securities firms are actively increasing their capital through private placements to seize market opportunities and expand their business scale, with several firms making significant progress in their fundraising efforts this year [1][2]. Group 1: Company Developments - Nanjing Securities has received approval from the China Securities Regulatory Commission (CSRC) for a private placement, intending to issue up to 1.106 billion shares to raise no more than 5 billion yuan, with its controlling shareholder, Zijin Group, planning to subscribe for 500 million yuan [1]. - For the first three quarters of the year, Nanjing Securities reported operating income of 2.262 billion yuan, a year-on-year increase of 12.72%, and a net profit attributable to shareholders of 913 million yuan, up 31.18% year-on-year [1]. - As of the end of Q3, Nanjing Securities' total assets reached 83.542 billion yuan, reflecting a growth of 19.74% compared to the end of the previous year [1]. Group 2: Industry Trends - Several other securities firms, including Guotai Junan, Guosen Securities, Tianfeng Securities, and Guolian Minsheng, have successfully completed their private placements this year, raising 10 billion yuan, 5.192 billion yuan, 4 billion yuan, and 2 billion yuan respectively [1]. - Current private placement applications are ongoing for multiple firms, with Zhongtai Securities and Dongwu Securities both having received CSRC approval for their fundraising plans, each aiming to raise up to 6 billion yuan [2]. - Capital strength is identified as a key factor influencing competition among securities firms, with the ongoing improvement in the capital market's performance encouraging firms to enhance their capital through private placements [2]. Group 3: Fund Utilization - Nanjing Securities plans to use the raised funds primarily to supplement its capital, with specific allocations including up to 1.3 billion yuan for debt repayment and operational funds, 1 billion yuan for supporting alternative and private subsidiaries, and 700 million yuan for information technology and compliance [2]. - Zhongtai Securities has also disclosed that its raised funds will be directed towards developing alternative investment and market-making businesses [2]. - Experts emphasize that securities firms should not pursue scale expansion blindly but should align their fundraising with shareholder returns, operational conditions, and market strategies to ensure sustainable and high-quality development [3].