2 1 Shi Ji Jing Ji Bao Dao·2025-12-16 23:57Core Viewpoint - Internationalization is deemed a necessary path for Chinese securities firms to achieve the goal of becoming a first-class investment bank, as highlighted by the chairman of CITIC Securities International, Jiang Yueqin [1][3]. Group 1: Internationalization Goals - The China Securities Regulatory Commission has set a target to establish 2 to 3 investment banks with international competitiveness and market leadership by 2035 [3]. - Leading Chinese securities firms currently have over 20% of their revenue from international operations, while top global investment banks like Goldman Sachs and Morgan Stanley achieve 30% to 40% [3]. - By mid-2025, the total assets of overseas subsidiaries of leading securities firms are expected to exceed HKD 1.64 trillion, with Chinese investment banks dominating core businesses such as Hong Kong IPOs [3]. Group 2: Key Projects and Achievements - CITIC Securities International has completed several landmark projects, including acting as the sole sponsor for "Laopu Gold" to list in Hong Kong in 2024 and facilitating the largest technology sector IPO for "Dihorizon" [3]. - The firm also assisted CATL in listing on the Hong Kong Stock Exchange in just 98 days, setting a new record, and completed a RMB 3.584 billion zero-coupon convertible bond issuance for ZTE, marking the first RMB-denominated convertible bond in Hong Kong in four years [3]. Group 3: Strategic Development Directions - Jiang Yueqin emphasized the need for internationalization to align with trends of "value investment banks," "new quality investment banks," and "digital intelligence investment banks" [4]. - The development strategy includes focusing on core advantages, enhancing local connections, and strengthening compliance and risk management to navigate complex international environments [4]. - The "Belt and Road" initiative is seen as a crucial opportunity for Chinese securities firms to use Hong Kong as a strategic hub to connect with global capital and support national strategies [4].