Core Viewpoint - The IPO application of Kaiyuan Securities has been terminated due to the withdrawal of the application by its sponsor, Minsheng Securities, with the company indicating it may reapply for an IPO in 2026 [2][5]. Group 1: IPO Status - On June 28, the Shenzhen Stock Exchange announced that the IPO review status of Kaiyuan Securities has changed to "terminated (withdrawn)" [2]. - The direct reason for the termination is the withdrawal of the IPO application by Minsheng Securities, the sponsor, while Kaiyuan Securities did not voluntarily withdraw the application [5]. - The company has updated its financial documents, which had previously expired, but the IPO process remains stalled due to regulatory changes and market conditions [3][5]. Group 2: Reasons for Withdrawal - Reports suggest that the primary reason for the withdrawal is the need to change the accounting firm, as state-owned enterprises cannot retain the same auditor for more than eight years [4][5]. - Despite the withdrawal, Kaiyuan Securities has not abandoned its listing plans and may consider reapplying in 2026 [5]. Group 3: Historical Context - Kaiyuan Securities was listed on the New Third Board in 2015 but was delisted in 2018 due to performance decline and regulatory penalties [5]. - The company submitted its IPO application in July 2022, aiming to raise 4 billion yuan for various business upgrades [5]. Group 4: Market Conditions - The IPO market has contracted significantly, with only about 100 companies expected to list in 2024, the lowest since 2014 [5]. - Kaiyuan Securities is the second brokerage to terminate its IPO under the new registration system, following Huabao Securities [6]. Group 5: Financial Performance - Despite challenges in the IPO process, Kaiyuan Securities has shown overall profit growth from 2021 to 2024, with net profits of 5.15 billion yuan, 4.98 billion yuan, 6.12 billion yuan, and 6.87 billion yuan respectively [7]. - The brokerage's main revenue source, brokerage services, generated 1.92 billion yuan in profit in 2021, but this dropped to a loss of 0.05 billion yuan in 2023 [7]. - The investment banking segment has also faced declines, with revenues falling by 45.89% in 2024 due to tightened IPO regulations [7]. Group 6: Regulatory Challenges - In October 2024, the company faced a six-month suspension of its bond underwriting business due to regulatory penalties for failing to exercise due diligence [7]. - The company has received multiple fines in 2024 for issues related to governance, risk management, and compliance [8]. Group 7: Strategic Direction - Kaiyuan Securities aims to establish itself as a leading broker on the Beijing Stock Exchange and a comprehensive financial service provider for small and medium enterprises [8]. - The company has recently obtained a business license for its wholly-owned public fund subsidiary, enhancing its diversification strategy [8].

【导读】开源证券全资设立公募基金子公司迎来新进展 记者从业内了解到，开源证券全资设立的公募基金子公司——鹏安基金管理有限公司(以下简称鹏安基 金)于近日正式获得中国证券监督管理委员会颁发的《经营证券期货业务许可证》(以下简称业务许可 证)，依法获准开展公开募集证券投资基金管理、私募资产管理业务。 开源证券向记者表示，鹏安基金业务许可证的取得，进一步补齐了开源证券全牌照业务资质，完善了公 司证券、基金、期货、私募股权投资等多业态、全链条金融服务布局；对提升公司"投融资"两端核心竞 争力和综合服务能力、助力公司更好地服务实体经济、做好"五篇大文章"具有重要意义。 2023年11月，证监会官网显示，开源证券申请设立的鹏安基金，已获得证监会核准设立的批复。该基金 公司由开源证券100%控股，注册资金为1亿元。 官网信息显示，开源证券成立于1994年2月，注册资本为46.14亿元，控股股东为陕西煤业（601225）化 工集团有限责任公司。开源证券下设88家分支机构，下辖长安期货、开源思创、开源投资、鹏安基金等 7家控参股子公司。 业绩方面，开源证券2024年全年实现营业收入28.59亿元，同比下降6.61%；实现利润总 ...

北京商报讯（记者 李海媛）为促进公开募集证券投资基金管理人积极、规范参与上市公司治理，保护基金份额持有人合法权益，中基协对《基金管理公司 代表基金对外行使投票表决权工作指引》进行了修订，形成《公开募集证券投资基金管理人参与上市公司治理管理规则》（以下简称《参与治理规则》）， 于5月9日发布，自发布之日起施行。 具体来看，《参与治理规则》共六章二十七条，包括总则、制度要求和参与机制、表决权的行使、内部控制、信息披露和自律管理、附则。 例如，在表决权的行使中，《参与治理规则》第十一条提到，基金管理人管理的基金合计持有单一股票占其流通股本比例达到5%（含）以上的，对于相关 上市公司的以下事项，基金管理人应当积极行使表决权：与股东知情权、决策权、分红权等股东权益相关的事项，包括《公司章程》等制度修订、利润分配 等；董事的选举或者罢免；涉及股权变动的事项，包括向特定对象发行股票、公开发行可转换公司债、向原股东配售股份及回购股份等。 在内部控制方面，《参与治理规则》第十八条提到，基金管理人应当建立参与上市公司治理工作的舆情监测机制，防范声誉风险。第十九条提到，基金管理 人应当对参与上市公司治理的利益冲突处理、表决等情况进 ...

中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议强调，要坚持用深化改革 开放的办法解决发展中的问题。坚定不移办好自己的事，坚定不移扩大高水平对外开放。 业内人士表示，我国积极有序扩大自主开放，坚持推进高水平对外开放，不仅凭借坚韧的经济表现吸引 外国机构真金白银投入中国市场，境内机构也加码布局境外业务，进一步增加中国金融市场的国际影响 力。 同时，在业务牌照方面，外资券商的经营范围也在不断扩大。例如，瑞银证券已获全牌照身份，摩根士 丹利证券、汇丰前海证券等外资券商也在2024年获得了业务变更的核准，增加了证券投资咨询业务、融 资融券业务等。2024年12月，高盛中国获得公开募集证券投资基金销售业务资格。2025年1月，渣打证 券上海分公司获得《经营证券期货业务许可证》，正式获准展业。 外资金融机构加码布局投入真金白银，彰显了对中国资本市场发展的信心。 外资机构真金白银投入国内市场 近年来，外资券商独资化进程明显提速，业务资质不断拓展。 中证协近日发布的《证券公司2024年度经营情况分析》(以下简称《分析》)显示，截至2024年末，证券 行业外资公司总资产507.1亿元，较上年末增长10.2 ...