（图片来源：视觉中国） 蓝鲸新闻9月16日讯（记者 陈晓娟）停牌逾一年后，西南证券（600369.SH）境外孙公司的上市之路正式画上句号。 西南证券公告称，全资子公司西证国际投资有限公司（下称"西证国际投资"）之控股子公司西证国际证券股份有限公司（下称"西证国际证券"）因未能在 2025年9月3日复牌截止日前达成复牌指引，将于9月29日也就是本月底摘牌。 作为西南证券推进国际战略布局的关键一步，西证国际证券表现始终未能达至预期。回溯近十年发展历程，后者已累计亏损超10亿港元，一度资不抵债，经 营压力可见一斑。 针对本次退市事宜，西南证券表示，西证国际证券经营规模较小、在公司整体业务中占比较低，退市不会对公司日常经营活动产生影响，公司已提前做好相 关预案，积极谋划境外业务转型发展，将以现有的西证国际投资为平台，服务境内外企业跨境资本运作。记者就后续规划向西南证券发出采访邮件，截至发 稿未获回复。 西证国际证券十年累计亏损超10亿港元 西证国际证券的退市结局，早在两年前便埋下伏笔。2023年9月，西南证券公告称，西证国际证券因未能维持足够营运水平及拥有相当价值的资产保证其股 份继续上市，被港交所停牌。后续，西证国 ...

Group 1 - The core objective of the H-share issuance by the company is to enhance capital strength and overall competitiveness, addressing the significant gap in owner equity compared to leading brokers [2][4] - The company aims to utilize the funds raised from the H-share issuance for capital replenishment and to expand its domestic and international securities business [1][2] - The company’s financial performance in Q1 2025 showed a decline in revenue and net profit, indicating the need for additional capital to alleviate performance pressures [1][2] Group 2 - The trend of A+H listings is becoming more prevalent among Chinese brokers, with 13 firms already having completed this dual listing, indicating a shift towards international market engagement [4][6] - The narrowing premium between A-shares and H-shares is making Hong Kong listings more attractive for companies, enhancing their financing efficiency [5][6] - The company’s H-share plan represents a strategic attempt for smaller brokers to break through in a highly competitive market, balancing local competition with international expansion [7]

Core Viewpoint - The company, Shouchao Securities, is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and international competitiveness, reflecting the trend of Chinese securities firms expanding overseas [1][5][6]. Group 1: Listing Details - The proposed issuance will not exceed 25% of the total share capital post-issuance, with an option for an additional 15% through an over-allotment option [3]. - The pricing will be based on the latest audited net asset value per share, considering shareholder interests and market conditions, and will be determined through a market-oriented pricing mechanism [3][4]. - The issuance will include both a public offering in Hong Kong and an international placement, prioritizing cornerstone and strategic investors [3]. Group 2: Purpose of Fundraising - The funds raised will be used to increase capital, supplement working capital, and support the development of domestic and international securities-related businesses, enhancing market competitiveness and risk resilience [2][5]. Group 3: Market Context - The move to list in Hong Kong is part of a broader trend among Chinese securities firms, driven by fluctuations in domestic revenue and the growing demand for cross-border financing [6][7]. - The Hong Kong market is seen as a crucial platform for accessing international investors and capitalizing on opportunities related to Chinese companies going global [7][8]. Group 4: Business Performance - Since its A-share listing, Shouchao Securities has shown a recovery in revenue and net profit, with projected total revenue of 2.418 billion yuan and a net profit of 985 million yuan for 2024, marking year-on-year growth of 25.49% and 40.49% respectively [9]. - The company has established a differentiated development strategy focusing on asset management, wealth management, and investment banking, with asset management being a core strength [9][10].