Core Viewpoint - 首创证券 has submitted its listing application to the Hong Kong Stock Exchange, with several major securities firms acting as joint sponsors [1]. Company Overview - 首创证券 is recognized for its strong value creation and asset management capabilities, focusing on differentiated financial services. The company operates a one-stop financial service platform based in Beijing, serving a diverse and steadily growing client base [3]. - According to Frost & Sullivan, from 2022 to 2024, 首创证券 ranks fifth and tenth among 42 A-share listed securities companies in China for revenue and net profit compound annual growth rates, respectively [3]. - By 2024, the company is projected to rank first in average total asset return and seventh in adjusted weighted average net asset return among the aforementioned A-share listed companies [3]. Business Segments - The company operates in four main business areas: - **Asset Management**: Includes asset management services, private investment funds, and public fund operations through joint ventures [4]. - **Investment**: Comprises fixed income trading, equity securities investment, New Third Board market making, and alternative investments [4]. - **Investment Banking**: Encompasses bond underwriting, stock sponsorship and underwriting, and financial advisory services [4]. - **Wealth Management**: Involves securities brokerage, investment consulting, financial product sales, credit services, research services, and futures business [4]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported total revenues of approximately 2.519 billion, 2.970 billion, 3.588 billion, and 1.845 billion RMB, respectively. Corresponding profits for the same periods were about 555 million, 701 million, 985 million, and 490 million RMB [5]. - The breakdown of revenue sources for 2022, 2023, 2024, and the first half of 2025 includes: - Commission and fee income: 1.461 billion, 1.234 billion, 1.839 billion, and 689 million RMB [6]. - Interest income: 610 million, 577 million, 610 million, and 283 million RMB [6]. - Investment income: 447 million, 1.160 billion, 1.139 billion, and 873 million RMB [6]. - The company has maintained steady profit growth and a scientific capital operation strategy, consistently implementing high cash dividend ratios, which has led to its inclusion in influential market indices such as the CSI 300 Index and MSCI China Index [4].