Core Viewpoint - The significant discrepancy between the revenue figures reported in the Hong Kong IPO prospectus and the A-share annual report raises questions about the accounting standards applied and the company's financial transparency [1][9]. Revenue Discrepancy - The total revenue reported in the Hong Kong IPO prospectus for 2022-2024 is 9.116 billion yuan, while the A-share annual report shows a total of 5.933 billion yuan, resulting in a difference of 3.183 billion yuan, which is a discrepancy of over 33% to 50% [1][2]. - For the first half of 2025, the revenue reported in the A-share annual report is 1.284 billion yuan, compared to 1.855 billion yuan in the Hong Kong prospectus, indicating a difference of 571 million yuan [2]. Business Dependency - The company heavily relies on investment business income, with investment-related revenue accounting for 26.9% to 51.8% of total revenue from 2022 to the first half of 2025 [10][11]. - The asset management business has seen a significant decline, with a reported revenue drop of 54.06% in the first half of 2025 compared to the previous year [12]. 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 [13][14]. - The wealth management business revenue for 2022-2024 and the first half of 2025 is reported as 707 million yuan, 611 million yuan, 619 million yuan, and 333 million yuan, respectively, with profits showing a downward trend [14]. Market Position and Strategy - The company ranks 38th among 42 listed securities firms in terms of revenue, indicating a small market presence [11]. - The trend of strategic mergers and acquisitions in the industry may provide a pathway for the company to enhance its competitive edge and address its reliance on investment income [12]. IPO Motivation - The company aims to enhance its capital strength and competitiveness through the Hong Kong IPO, despite lacking significant overseas revenue or assets [15].