Group 1: Business Strategy and Development - The company focuses on integrating into national development, serving the real economy, and maintaining high-quality development as its main line of work [2] - Key areas of focus include deepening business transformation, optimizing business structure, and accelerating digital transformation to enhance operational efficiency [2] - The company aims to strengthen its comprehensive financial service capabilities, maintaining leading positions in research, asset management, and wealth management [2] Group 2: Wealth Management Business - The company adheres to its main responsibilities, aligning with high-quality development and focusing on wealth brokerage business targeting high-quality clientele and efficient online operations [3] - It emphasizes a dual approach of online and offline customer service, standardizing operations, and ensuring compliance [3] Group 3: Investment Banking Business - The company implements national strategies and regulatory requirements, prioritizing financial services for the real economy [4] - It focuses on resource accumulation, client development, and professional capability building in key sectors, particularly in the Greater Bay Area [4] - The company is committed to enhancing integrated services and accelerating the digital transformation of investment banking [4] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on creating a diverse product supply system [5] - The company aims to enhance its active management capabilities and product innovation, leading to growth in asset management scale [5] - As of March 2025, the public fund management scale of Guangfa Fund and E Fund ranks third and first, respectively, excluding money market funds [5]

Core Viewpoint - The IPO application of Kaiyuan Securities has been terminated due to the withdrawal of the application by the company and its sponsor, Minsheng Securities, with a proposed fundraising amount of 4 billion yuan [1][2]. Group 1: Company Overview - Kaiyuan Securities is a comprehensive securities firm with multiple business lines, including securities brokerage, investment consulting, financial advisory related to securities transactions, underwriting and sponsorship, proprietary trading, fund sales, asset management, margin financing, and distribution of financial products [1]. - The company operates through subsidiaries, engaging in private equity investment funds, alternative equity investments, futures brokerage, asset management, and futures investment consulting [2]. Group 2: Business Strategy and Fund Utilization - The funds raised from the IPO, after deducting issuance costs, were intended to be used entirely to supplement the company's capital, optimize its capital structure, increase working capital, expand business scale, and promote business structure adjustments [2]. - Key areas for fund utilization include upgrading traditional brokerage services, enhancing investment banking capabilities, supporting proprietary trading, improving research competitiveness, increasing investment in asset management, and boosting information technology infrastructure to enhance digital service capabilities [2].