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28, the Shenzhen Stock Exchange announced that the IPO review status of Kaiyuan Securities has changed to "terminated (withdrawn)" [2].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].

Core Insights - The total scale of asset management products in China reached 72.32 trillion yuan by the end of Q1 2025 [1] Group 1: Asset Management Product Breakdown - Public funds accounted for 32.22 trillion yuan of the total asset management products [1] - Private asset management products from securities companies and their subsidiaries totaled 5.93 trillion yuan [1] - Private asset management products from fund management companies and their subsidiaries reached 5.59 trillion yuan [1] - Pension funds managed by fund management companies amounted to 6.09 trillion yuan [1] - Private asset management products from futures companies and their subsidiaries were 0.32 trillion yuan [1] - Private equity funds totaled 20.19 trillion yuan [1] - Asset-backed special plans (ABS) reached 2.08 trillion yuan [1]

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