瑞信证券正式更名，北京证券“重现江湖”

Core Viewpoint - The transformation of Credit Suisse Securities into Beijing Securities marks the end of a nearly 17-year chapter for the firm, which has struggled with losses and operational challenges in the competitive Chinese market [1][5][22]. Group 1: Company Background and Changes - Credit Suisse Securities was established on October 24, 2008, as a joint venture between Credit Suisse and Founder Securities, initially named "Credit Suisse Founder Securities" with a registered capital of 800 million yuan [7]. - The company was renamed to "Credit Suisse Securities" in June 2021, following an increase in control by Credit Suisse [9]. - On July 23, 2023, it was announced that Credit Suisse Securities completed a change in ownership, with Beijing State-owned Assets Management Company becoming the largest shareholder with an 85.01% stake [2][3]. Group 2: Financial Performance - Credit Suisse Securities reported total assets not exceeding 1 billion yuan from 2009 to 2024, with eight years of losses and net profits mostly below 15 million yuan [9]. - The peak year for the firm was 2021, with revenues of 497 million yuan and a net profit of 45 million yuan, largely driven by investment banking activities [9]. - In 2022, the firm faced a significant revenue drop, resulting in a net loss of 254 million yuan [10]. Group 3: Ownership Transition and Strategic Implications - The ownership transition involved a three-party agreement where Beijing State-owned Assets acquired 36.01% of Credit Suisse Securities from UBS for approximately 913.5 million USD (about 6.505 billion yuan) and 49% from Founder Securities for about 1.24 billion USD (approximately 8.85 billion yuan) [12]. - Following the acquisition, Credit Suisse Securities reported a revenue of 57 million yuan in 2024, a 63.81% decline year-on-year, with a net loss of 162 million yuan [13]. - The restructuring is seen as a strategic move to enhance the operational efficiency of the firm and align with national financial service goals [16][17]. Group 4: Market Context and Future Outlook - The rebranding to Beijing Securities signifies a return of the name to the Beijing market after nearly two decades, amidst a backdrop of increasing competition and consolidation in the securities industry [22][24]. - The local state-owned capital system is expanding its presence in the brokerage sector, with Beijing Securities joining other state-controlled firms [23]. - The future performance of the newly established Beijing Securities will be closely watched to see if it can turn around its financial performance and seize market opportunities [24].