2 1 Shi Ji Jing Ji Bao Dao·2025-12-07 01:49Core Viewpoint - Internationalization is a crucial strategy for Chinese securities firms to achieve the goal of becoming world-class investment banks, as emphasized by the chairman of CITIC Securities International, Jiang Yueqin [1][2]. Group 1: Internationalization Strategy - Jiang Yueqin highlighted that the internationalization process of Chinese securities firms is aligned with national strategies and industry development, marking it as a necessary path to achieve international competitiveness [1][2]. - The China Securities Regulatory Commission has set a goal to establish 2 to 3 investment banks with international competitiveness by 2035, indicating that internationalization is not optional but essential for achieving top-tier status [1][2]. - As of mid-2025, the total assets of leading securities firms' overseas subsidiaries have increased by over 20%, reaching HKD 1.64 trillion, with most firms experiencing year-on-year growth in international business revenue [3]. Group 2: Historical Context and Current Opportunities - The internationalization of American investment banks began in the 1960s and 1970s, driven by internal competition and external globalization opportunities, which created significant demand for cross-border financial services [2]. - Chinese securities firms are currently facing unprecedented strategic opportunities for internationalization, responding to high-level opening-up policies and serving national strategies, with Hong Kong as the starting point for their international expansion [2]. Group 3: Practical Implementation - CITIC Securities International has successfully executed several high-impact projects, showcasing its cross-border comprehensive service capabilities, including significant IPOs and bond issuances [3][4]. - The firm has played a leading role in the Hong Kong IPO market, with notable projects such as the listing of "Lao Pu Gold" and "Horizon Robotics," achieving record speeds and substantial oversubscriptions [3][4]. Group 4: Future Development Trends - The development of internationalization should focus on becoming a "value investment bank," integrating financial functionality with profitability while creating comprehensive value for stakeholders [5][6]. - The transition to a "new quality investment bank" is necessary, emphasizing a shift from traditional services to a partnership model that supports clients throughout their lifecycle [7][8]. - Embracing the "digital investment bank" concept is essential, where data becomes a core asset, and leveraging AI and adaptive algorithms enhances decision-making precision [9]. Group 5: Pathways for Internationalization - The first pathway involves focusing on core advantages and developing differentiated strategies based on unique market positioning and resource endowments [11]. - The second pathway emphasizes strengthening local connections, moving from mere physical presence to deep integration within local business ecosystems [12]. - The third pathway stresses the importance of establishing compliance and risk management frameworks to navigate complex international environments effectively [13].