申港证券，大动作！证监会核准了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved ShenGang Securities to establish a subsidiary for private investment fund business, marking a significant development in the brokerage sector's private equity landscape [2][4]. Group 1: Company Overview - ShenGang Securities was established on March 14, 2016, and officially commenced operations in October of the same year, being the first joint venture securities company set up under the CEPA agreement, registered in the Shanghai Free Trade Zone [6]. - The registered capital of ShenGang Securities is 4.315 billion RMB, with a shareholding structure that includes three licensed financial institutions from Hong Kong and eleven domestic institutional investors, where the total shareholding of Hong Kong investors is 29.32% [6]. - The company currently has one wholly-owned subsidiary, ShenGang Securities Investment (Beijing) Co., Ltd., which engages in alternative investment activities [6]. Group 2: Regulatory Approval Process - The approval process for ShenGang Securities' private subsidiary took approximately three years, with the initial application submitted in 2022 [6]. - In February 2023, the CSRC provided feedback on the application, questioning the company's capability to manage client funds for equity investments due to its limited experience in this area [6]. - The approval for the establishment of the private fund subsidiary was granted on July 15, 2023, with specific requirements for compliance and risk management outlined by the CSRC [4][6]. Group 3: Market Context - The emergence of brokerage private subsidiaries has historical roots, with the China Securities Association issuing management norms in 2016 that required brokerages to separate private business into independent subsidiaries [9]. - As of May 2023, the total scale of private subsidiaries under securities companies reached 613.83 billion RMB, accounting for 5.07% of the total scale of products managed by securities and futures institutions [9]. - Notable brokerage private subsidiaries include CITIC Jinshi, CICC Capital, and Huatai Zijin Investment, among others [9]. Group 4: Future Outlook - Market analysts suggest that brokerage private subsidiaries have historically focused on sectors such as semiconductors, new energy, and biomedicine for early-stage investments, while others have targeted mergers and acquisitions and Pre-IPO investments [7]. - The future business direction of ShenGang Securities' private subsidiary is anticipated to be closely monitored as it develops its investment strategy [7].