Zhongtai Securities(SH:600918) 券商中国·2025-05-28 15:31Core Viewpoint - The recent progress of Zhongtai Securities' 6 billion yuan private placement indicates a significant step in its capital raising efforts, although it does not imply a comprehensive reopening of refinancing for securities firms [1][5]. Group 1: Private Placement Details - On May 28, Zhongtai Securities announced that it received acceptance from the Shanghai Stock Exchange for its application to issue securities, which is subject to further review and approval by the China Securities Regulatory Commission [2][3]. - The total amount to be raised through this private placement is not to exceed 6 billion yuan, which will be used to enhance the company's capital, optimize its business structure, and improve market competitiveness and risk resilience [2][3]. - The funds will be allocated to six areas, including investments in information technology and compliance risk control, alternative investment business, market-making business, wealth management, debt repayment, and purchasing various securities [2][3]. Group 2: Shareholder Support and Control - The controlling shareholder, Zao Mining Group, plans to subscribe for 36.09% of the new shares, amounting to no more than 2.166 billion yuan, ensuring that there will be no change in the company's control post-issuance [3][4]. - This private placement was initially proposed two years ago and has undergone several modifications regarding the use of funds, including a recent addition of wealth management and bond purchases [3][4]. Group 3: Financial Performance - In the first quarter of 2025, Zhongtai Securities reported an operating income of 2.545 billion yuan, a slight increase of 0.23% year-on-year, and a net profit attributable to shareholders of 370 million yuan, reflecting a year-on-year growth of 11.61% [4]. - The company's net profit after deducting non-recurring items reached 361 million yuan, with a growth rate of 17.52%, indicating a steady improvement in its core profitability [4]. Group 4: Industry Context - The recent developments in Zhongtai Securities' private placement are part of a broader trend, with three securities firms, including Nanjing Securities and Tianfeng Securities, also making progress in their refinancing efforts [5]. - However, it is emphasized that these moves do not signify a full reopening of refinancing for the securities industry, as the current regulatory environment continues to encourage capital-efficient and high-quality development [5].