Core Viewpoint - Zhongtai Securities Co., Ltd. has received an "AAA" rating for its 2025 public bond issuance aimed at professional investors, reflecting strong support from the Shandong Provincial State-owned Assets Supervision and Administration Commission and the company's robust competitive position [1][3]. Company Background - Zhongtai Securities was established in May 2001 as Shandong Qilu Securities Brokerage Co., Ltd. with an initial registered capital of 512 million yuan [2]. - The company underwent several capital increases and name changes, becoming Zhongtai Securities Co., Ltd. in September 2015 with a registered capital of 6.272 billion yuan [2]. - In June 2020, Zhongtai Securities completed its A-share listing, increasing its total share capital to 6.969 billion shares [2]. - As of the end of 2024, the controlling shareholder is Zaozhuang Mining (Group) Co., Ltd., holding 32.62% of the shares, with the actual controller being the Shandong Provincial State-owned Assets Supervision and Administration Commission [2]. Credit Rating Outlook - Zhongtai Securities' credit level is expected to remain stable over the next 12 to 18 months, according to Zhongcheng International [3].