又一券商IPO终止，公司回应

Core Viewpoint - The article discusses the withdrawal of the IPO application by Kaiyuan Securities, marking it as the second securities company to do so since last year, highlighting challenges in the IPO process for securities firms in China [2][4]. Group 1: IPO Status - The IPO review status of Kaiyuan Securities has been updated to "terminated (withdrawn)" by the Shenzhen Stock Exchange [3]. - The withdrawal was initiated by the sponsor, Minsheng Securities, but the specific reasons for the withdrawal were not disclosed [7]. - Kaiyuan Securities has been in the IPO queue for nearly three years, with its progress stagnating since its transition to the A-share market in 2022 [6][7]. Group 2: Industry Context - Following the withdrawal of Kaiyuan Securities, only four securities firms remain in the IPO queue: Caixin Securities, Hualong Securities, Bohai Securities, and Dongguan Securities [8]. - The article notes that the IPO application withdrawal trend reflects broader challenges faced by securities firms in the current market environment [4][8]. Group 3: Company Performance - Kaiyuan Securities, known as the "King of New Third Board," has been a leader in the New Third Board business, with 723 companies under continuous supervision, accounting for 11.77% of the total listed companies [10]. - The company has set a goal to become a top-tier securities firm focused on the Beijing Stock Exchange, with a total of 14 companies sponsored for listing on the exchange [10]. - The net profit of Kaiyuan Securities has shown steady growth from 515 million yuan in 2021 to 687 million yuan in 2024 [10]. Group 4: Business Challenges - In October 2024, the China Securities Regulatory Commission suspended Kaiyuan Securities' bond underwriting business for six months due to compliance issues [11]. - This suspension is expected to negatively impact the company's operating performance in 2024 and 2025, with investment banking revenue dropping by 45.89% year-on-year in 2024 [12].