Core Viewpoint - The significant discrepancies between the revenue figures reported in the Hong Kong IPO prospectus and the A-share annual reports of Shouchao Securities raise questions about the company's financial reporting and accounting practices [1][2][3][10]. Revenue Discrepancies - The total revenue disclosed in the Hong Kong IPO prospectus for 2022-2024 is 9.116 billion RMB, while the A-share annual reports show a total of 5.933 billion RMB, resulting in a difference of 3.183 billion RMB, which is a discrepancy ratio of over one-third [1][2][3]. - For the first half of 2025, the revenue figures also show a significant difference, with the Hong Kong prospectus reporting 1.855 billion RMB compared to 1.284 billion RMB in the A-share report, a difference of 571 million RMB [3]. Business Dependency - Shouchao Securities heavily relies on investment business income, with investment revenue accounting for 26.9% to 51.8% of total revenue from 2022 to the first half of 2025 [11][12]. - The company's asset management business has seen a substantial decline, with a reported revenue drop of 54.06% in the first half of 2025 compared to the previous year [16]. Competitive Position - Shouchao Securities ranks 38th among 42 listed securities firms in terms of revenue, indicating a small scale and lack of competitive differentiation [13]. - The firm faces challenges in establishing a unique competitive advantage due to its heavy reliance on self-operated investment business, which is highly influenced by market conditions [11][13]. Wealth Management Performance - The wealth management division has consistently reported negative profits for two and a half years, with revenues failing to surpass previous highs [17][18]. - The wealth management revenue for 2022-2024 and the first half of 2025 shows a downward trend, with profits turning negative in recent years [18]. IPO Rationale - The rationale behind Shouchao Securities' decision to pursue a Hong Kong IPO shortly after its A-share listing includes enhancing capital strength and competitiveness, as well as better integration of international resources [19].