Core Viewpoint - The recent progress in the private placement of securities by Zhongtai Securities and Nanjing Securities indicates a potential thawing in the securities refinancing market, suggesting a shift in regulatory focus from "scale control" to "quality priority" in the context of refinancing [1][12]. Group 1: Zhongtai Securities - Zhongtai Securities has received approval for a 6 billion yuan private placement, marking its first equity financing since its listing in June 2020, with the plan initially disclosed in mid-2023 and delayed twice [2][3]. - The private placement involves issuing shares to 35 specific investors, including its controlling shareholder, Zaozhuang Mining Group, which will subscribe for 36.09% of the shares, amounting to no more than 2.166 billion yuan [2]. - The initial plan allocated over 40% of the raised funds (2.5 billion yuan) for debt repayment, but this was revised to 1.5 billion yuan, with additional investments in government bonds and wealth management [2][3]. - In the first half of the year, Zhongtai Securities reported a net profit increase of over 70%, with revenue of 5.257 billion yuan, a year-on-year growth of 3.11%, and a net profit of 711 million yuan, up 77.26% [4]. Group 2: Nanjing Securities - Nanjing Securities has also seen its 5 billion yuan private placement plan progress after being on hold for over two years, with the Shanghai Stock Exchange officially accepting the application [5][6]. - The initial plan, announced in April 2023, aimed to issue 1.106 billion shares, with half of the funds (2.5 billion yuan) directed towards securities investment and the remainder for capital intermediary business and investments in alternative subsidiaries [5]. - The plan was revised in June 2023, significantly reducing the investment in the securities business from 2.5 billion yuan to 500 million yuan, while increasing allocations for debt repayment and working capital [5][6]. - Nanjing Securities stated that its previous fundraising was fully utilized for capital and operational funding, and the new fundraising is necessary to maintain competitiveness in a tightening market [7]. Group 3: Industry Trends - The overall trend in the securities refinancing market shows that several firms, including Tianfeng Securities and Dongwu Securities, are also advancing their private placements this year, indicating a broader recovery in the market [8][10]. - Tianfeng Securities completed a 4 billion yuan private placement, fully subscribed by its controlling shareholder, and emphasized the need for capital to enhance business quality and competitiveness [9][10]. - Dongwu Securities proposed a 6 billion yuan private placement aimed at increasing capital for subsidiaries, debt repayment, and working capital, marking its first equity financing since 2021 [10]. - The current regulatory environment reflects a trend towards "penetrative supervision" of fund usage, discouraging blind expansion and emphasizing the need for capital to support business growth in wealth management and market-making [12].

Core Viewpoint - The recent approval of a 6 billion yuan private placement by Zhongtai Securities indicates a thawing in the securities firms' refinancing market, suggesting a more favorable regulatory environment for capital raising activities [1][2][4]. Group 1: Zhongtai Securities' Fundraising Plan - Zhongtai Securities has received approval from the China Securities Regulatory Commission (CSRC) for a private placement of up to 6 billion yuan, valid for 12 months from the date of approval [1]. - The company plans to use the raised funds for capital replenishment and optimizing its business structure, with specific allocations including 1.5 billion yuan for information technology and compliance risk control, 1 billion yuan for alternative investments, and 1 billion yuan for market-making business [4][5]. - The approval process for Zhongtai's fundraising was notably swift, taking approximately 4.5 months from acceptance to approval, marking it as the second securities firm to complete refinancing since 2025 [1][4]. Group 2: Market Context and Trends - The securities refinancing market has seen a significant uptick in activity since 2025, with multiple firms, including Tianfeng Securities and Nanjing Securities, also advancing their private placement plans [2][9]. - The recent trend indicates a "blood replenishment" wave among securities firms, with a focus on addressing capital gaps and enhancing operational capabilities [2][9]. - Regulatory changes have shifted the focus of refinancing efforts towards projects that align with the core business and support the real economy, emphasizing compliance and risk management [11]. Group 3: Implications for the Industry - The successful fundraising by Zhongtai Securities may set a precedent for other firms, potentially leading to a more relaxed regulatory stance on refinancing, provided that the projects align with regulatory expectations [2][6]. - The emphasis on capital adequacy and operational efficiency reflects a broader industry shift towards sustainable growth and quality financing, rather than mere expansion [11]. - The involvement of controlling shareholders in the fundraising process is becoming a common requirement, indicating a trend towards more strategic and responsible capital raising practices [10][11].

Core Viewpoint - The recent approval of China Securities Regulatory Commission (CSRC) for Zhongtai Securities' 6 billion yuan private placement signals a thaw in the securities firms' refinancing market, indicating a trend towards more efficient capital replenishment among brokerages [1][2][4]. Group 1: Zhongtai Securities' Fundraising Plan - Zhongtai Securities has received approval for a 6 billion yuan private placement, which is expected to be completed within the year, marking it as the second brokerage to finalize a fundraising plan in 2025 [2][6]. - The private placement plan was initiated two years ago, with the company extending the validity period multiple times due to market conditions, and it has now accelerated following signs of market thawing [4][8]. - The funds raised will be allocated to various projects, including 1.5 billion yuan for information technology and compliance risk control, 1 billion yuan for alternative investments, and 1 billion yuan for market-making business [5][11]. Group 2: Market Trends and Regulatory Environment - Since 2023, the refinancing market for brokerages has been largely stagnant, with only a few firms completing private placements, but 2025 has seen a surge in such activities, indicating a "blood replenishment" trend [8][12]. - The recent approvals for private placements are characterized by a focus on supporting core business areas and compliance with regulatory guidelines, with significant participation from controlling shareholders [11][12]. - The regulatory environment is shifting towards encouraging high-quality financing, emphasizing the need for brokerages to focus on their main responsibilities and prudent expansion [12].

券商再融资又现"破冰"信号。近日，中泰证券（600918.SH）公告，中国证监会同意公司向特定对象发行股票的注册申请，本批复自同意注册之日起12个月 内有效。 中泰证券表示，公司将按照有关法律法规、批复要求及公司股东会的授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信息披露义 务。 21世纪经济报道记者注意到，中泰证券60亿元定增申请进展迅速，从受理到批复仅用了约4个半月，这是2025年以来证监会审核的第二家券商再融资项目， 关键节点推进节奏与年内多家券商定增的高效周期一致。 此前9月5日，中泰证券定增获得上交所审核通过；7月14日，中泰证券公告延长60亿元定增计划有效期1年，并在次日答复了监管审核问询函，具体可见21世 纪经济报道此前报道《券商再融资信号！中泰证券60亿定增获准，东吴、南京仍在途》《60亿定增！中泰证券119页公告回复问询函》。 2025年以来，多家券商密集推进定增计划，形成明显的"补血"潮。其中，指南针（300803.SZ）5月更新29亿元定增方案修订稿；天风证券（601162.SH）6月 23日完成40亿元定增募资；东吴证券（601555.SH）7月10日公布60亿元 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 据上交所网站信息，10月13日，中泰证券发布公告，公司于10月13日收到中国证券监督管理委员会出具 的《关于同意中泰证券股份有限公司向特定对象发行股票注册的批复》，同意公司向特定对象发行股票 的注册申请。 公告内容显示，本次发行应严格按照报送上交所的申报文件和发行方案实施，该批复自同意注册之日起 12个月内有效。公司将按照有关法律法规、批复要求及公司股东大会的授权，在规定期限内办理本次向 特定对象发行股票的相关事项，并及时履行信息披露义务。 | 序号 | 募集资金投资项目 | 拟投入金额 | | --- | --- | --- | | 1 | 信息技术及合规风控投入 | 不超过 15 亿元 | | 2 | 另类投资业务 | 不超过 10 亿元 | | 3 | 做市业务 | 不超过 10 亿元 | | 4 | 购买国债、地方政府债、企业债等证券 | 不超过5亿元 | | ર્ | 财富管理业务 | 不超过5亿元 | | e | 偿还债务及补充其他营运资金 | 不超过 15 亿元 | | | 合计 | 不超过 60 亿元 | 中泰证券 公告截图 具体而言，将用于信 ...

（原标题：历时两年，60亿定增终落地！） 【导读】中泰证券定增获批，券商再融资悄然回暖 中国基金报记者 舍梨 耗时两年，中泰证券60亿元定增终于获批。 10月13日，中泰证券公告称，公司向特定对象发行不超过60亿元股票的申请，已获得中国证券监督管理 委员会同意注册批复。 今年以来，券商再融资步伐明显加快。在业内人士看来，随着多家券商相继"补血"，行业整体资本实力 与服务能力有望进一步提升。 中泰证券60亿元定增获批 10月13日晚间，中泰证券公告称，公司于10月13日收到中国证券监督管理委员会出具的《关于同意中泰 证券股份有限公司向特定对象发行股票注册的批复》。批复同意公司向特定对象发行股票，本次发行应 严格按照报送上海证券交易所的申报文件和发行方案实施。 此次定增计划可追溯至两年前。2023年6月30日，中泰证券抛出60亿元定增计划，这也是该公司自2020 年上市以来的首次股权再融资。该议案原定于2024年10月9日到期，但公司决定将其有效期延长12个 月，至2025年10月9日。 进入2025年，这一定增计划的推进节奏明显提速。5月28日，定增申请获上交所受理，9月5日顺利过 会，9月15日提交注册，10 ...

Core Viewpoint - The approval of Zhongtai Securities' 6 billion yuan private placement marks a significant recovery in the securities industry's refinancing activities, indicating an overall improvement in capital strength and service capabilities within the sector [2][7]. Group 1: Company Specifics - Zhongtai Securities received approval from the China Securities Regulatory Commission (CSRC) on October 13 for its plan to issue up to 6 billion yuan in stocks to specific investors [5]. - This private placement plan was initiated two years ago and represents the company's first equity refinancing since its listing in 2020 [5][6]. - The funds raised will be used to enhance capital, with allocations for information technology, compliance risk control, alternative investment, market-making, wealth management, debt repayment, and purchasing various securities [5][6]. Group 2: Industry Context - The securities refinancing market has seen a notable increase in activity this year, with several firms, including Tianfeng Securities and Nanjing Securities, also pursuing significant capital replenishment plans [7][8]. - Regulatory support has encouraged securities firms to supplement their capital through reasonable means, aligning with the goal of better serving the high-quality development of the real economy [7][8]. - The trend in the industry is shifting from mere scale expansion to a focus on quality and efficiency, emphasizing the balance between capital replenishment and business development [8].

【 导读 】中泰证券 定增 获批，券商再融资悄然回暖 中国基金报记者 舍梨 耗时两年，中泰证券60亿元定增终于获批。 10月13日，中泰证券公告称，公司向特定对象发行不超过60亿元股票的申请，已获得中国证券监督管理委员会同意注册批复。 今年以来，券商再融资步伐明显加快。在业内人士看来，随着多家券商相继"补血"，行业整体资本实力与服务能力有望进一步提升。 10月13日晚间，中泰证券公告称，公司于10月13日收到中国证券监督管理委员会出具的《关于同意中泰证券股份有限公司向特定对象发行 股票注册的批复》。批复同意公司向特定对象发行股票，本次发行应严格按照报送上海证券交易所的申报文件和发行方案实施。 此次定增计划可追溯至两年前。2023年6月30日，中泰证券抛出60亿元定增计划，这也是该公司自2020年上市以来的首次股权再融资。该 议案原定于2024年10月9日到期，但公司决定将其有效期延长12个月，至2025年10月9日。 进入2025年，这一定增计划的推进节奏明显提速。5月28日，定增申请获上交所受理，9月5日顺利过会，9月15日提交注册，10月13日最 终获证监会批复。 根据此前中泰证券披露的募集说明书，60亿 ...

Core Viewpoint - Zhongtai Securities has received approval from the China Securities Regulatory Commission (CSRC) for a private placement of 6 billion yuan, marking a significant step in its capital-raising efforts after a prolonged period of inactivity in equity financing [1][8]. Summary by Sections Approval and Issuance - On October 13, Zhongtai Securities announced that it received the CSRC's approval for a stock issuance to specific investors, which must be executed according to the submitted documents and issuance plan [1]. - The approval is valid for 12 months from the date of registration [1]. Fundraising Details - The private placement will raise up to 6 billion yuan, with the number of shares issued not exceeding 30% of the company's total share capital prior to the issuance, equating to a maximum of 2.091 billion shares [3]. - The controlling shareholder, Zao Mining Group, is set to subscribe for 36.09% of the new shares, amounting to no more than 2.166 billion yuan [3]. Use of Proceeds - The funds raised will be allocated to six key areas, including: 1. Information technology and compliance risk control: up to 1.5 billion yuan 2. Alternative investment business: up to 1 billion yuan 3. Market-making business: up to 1 billion yuan 4. Purchase of government bonds and corporate bonds: up to 500 million yuan 5. Wealth management business: up to 500 million yuan 6. Debt repayment and operational capital: up to 1.5 billion yuan [4]. Historical Context - The plan for this private placement was initiated over two years ago, with the first proposal made on June 30, 2023, marking the company's first equity financing since its listing in 2020 [6]. - The proposal's validity was extended multiple times, with the latest extension allowing it to remain effective until July 14, 2026 [6][7]. Market Position and Strategy - Zhongtai Securities has not engaged in equity refinancing since its listing, relying instead on non-equity financing methods, which has led to a relatively high debt level and insufficient net capital replenishment [7]. - The company views this fundraising as a necessary step to align with regulatory support for capital replenishment and to enhance its service capabilities for the real economy [6][7].

来源|中访网 中泰证券此次定增的落地，并非个例，而是今年券业再融资"回暖"的缩影。此前一年多时间里，券商再 融资市场相对沉寂，但2024年以来，多家券商密集推进资本补充计划，形成明显的"补血"潮。6月23 日，天风证券顺利完成40亿元定增募资，为业务扩张提供资金支撑；9月29日，南京证券50亿元定增计 划获上交所审核通过，进入后续实施阶段；7月，东吴证券也公布60亿元定增预案，拟通过资本补充增 强综合竞争力。 从行业背景来看，券商密集"补血"既是自身发展需求，也顺应了监管导向与市场趋势。近年来，随着资 本市场改革深化，券商在财富管理、投资银行、资产管理等业务领域的竞争日趋激烈，而这些业务的开 展均需充足的资本金作为支撑。与此同时，监管层也持续支持证券公司通过合理方式补充资本，鼓励券 商更好地服务实体经济高质量发展。 对于中泰证券而言，此次定增的意义尤为特殊。据公司此前披露，上市后其主要依赖非股权方式融资， 导致负债规模相对较高，净资本补充受限，已形成一定的资本缺口。此次60亿元定增的落地，将有效缓 解这一问题——不仅能提升净资本规模，优化资本结构，还能为业务拓展提供充足资金，助力公司在券 业竞争中抢占更有利地 ...