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28, the Shenzhen Stock Exchange announced that the IPO review status of Kaiyuan Securities has changed to "terminated (withdrawn)" [2].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