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Core Viewpoint - The article discusses the recent trend of small and medium-sized securities firms in China, particularly First Capital, planning to establish subsidiaries in Hong Kong to expand their international presence and capitalize on the recovering Hong Kong stock market [2][3][4]. Group 1: Company Developments - First Capital announced plans to set up a wholly-owned subsidiary named "First Capital International Financial Holdings Limited" in Hong Kong, aiming to engage in securities trading, asset management, and other regulated activities [2][3]. - The company plans to invest no more than 500 million HKD to establish the Hong Kong subsidiary, with the board authorizing management to handle the establishment process [4]. - This marks the third Chinese securities firm to announce a Hong Kong expansion this year, following Western Securities and Northeast Securities [4]. Group 2: Market Context - The Hong Kong stock market has seen a resurgence, with the Hang Seng Index rising 20% in the first half of the year, leading to increased trading activity and investor interest [5]. - In the first half of the year, 42 IPOs were completed in Hong Kong, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year [5]. - The article notes that while some firms are expanding, others are cautious or retracting their plans due to market conditions, highlighting a divide in strategies among securities firms [6][7]. Group 3: Performance of Existing Subsidiaries - Several existing Hong Kong subsidiaries of Chinese securities firms reported strong performance in the first half of the year, with notable revenue increases. For instance, Guotai Junan International achieved a record revenue of 2.825 billion HKD, a 30% year-on-year increase [8]. - CITIC Securities International reported a revenue of 1.49 billion USD, up 53% year-on-year, and a net profit of 390 million USD, reflecting a 66% increase [8]. - Other firms like Shenwan Hongyuan and Industrial Securities also reported significant revenue growth, indicating a positive trend for those already established in the Hong Kong market [8]. Group 4: Future Outlook - The outlook for the Hong Kong market remains optimistic, with expectations of continued inflows of southbound capital and improvements in asset quality and liquidity due to reforms in the listing system [9]. - Analysts predict a potential upward trend for the Hong Kong market in the third quarter, with further recovery expected in the fourth quarter driven by domestic growth policies and advancements in the AI sector [9].