Core Viewpoint - The significant discrepancies between the revenue figures reported in the Hong Kong IPO prospectus and the A-share annual reports of Shouchao Securities raise questions about the company's financial reporting and accounting practices [1][2][3][10]. Revenue Discrepancies - The total revenue disclosed in the Hong Kong IPO prospectus for 2022-2024 is 9.116 billion RMB, while the A-share annual reports show a total of 5.933 billion RMB, resulting in a difference of 3.183 billion RMB, which is a discrepancy ratio of over one-third [1][2][3]. - For the first half of 2025, the revenue figures also show a significant difference, with the Hong Kong prospectus reporting 1.855 billion RMB compared to 1.284 billion RMB in the A-share report, a difference of 571 million RMB [3]. Business Dependency - Shouchao Securities heavily relies on investment business income, with investment revenue accounting for 26.9% to 51.8% of total revenue from 2022 to the first half of 2025 [11][12]. - The company's asset management business has seen a substantial decline, with a reported revenue drop of 54.06% in the first half of 2025 compared to the previous year [16]. Competitive Position - Shouchao Securities ranks 38th among 42 listed securities firms in terms of revenue, indicating a small scale and lack of competitive differentiation [13]. - The firm faces challenges in establishing a unique competitive advantage due to its heavy reliance on self-operated investment business, which is highly influenced by market conditions [11][13]. Wealth Management Performance - The wealth management division has consistently reported negative profits for two and a half years, with revenues failing to surpass previous highs [17][18]. - The wealth management revenue for 2022-2024 and the first half of 2025 shows a downward trend, with profits turning negative in recent years [18]. IPO Rationale - The rationale behind Shouchao Securities' decision to pursue a Hong Kong IPO shortly after its A-share listing includes enhancing capital strength and competitiveness, as well as better integration of international resources [19].

Core Viewpoint - Shouchuang Securities Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with several major securities firms acting as joint sponsors [1]. Company Overview - Shouchuang Securities is recognized for its leading value creation capabilities and outstanding asset management, focusing on differentiated financial services [3]. - The company operates a one-stop financial service platform based in Beijing, serving a diverse and steadily growing client base [3]. - According to Frost & Sullivan, from 2022 to 2024, Shouchuang Securities ranks fifth and tenth among 42 A-share listed securities companies in China for revenue and net profit compound annual growth rates, respectively [3]. - In 2024, the company is projected to rank first in average total asset return on equity and seventh in weighted average net asset return among the aforementioned A-share listed companies [3]. Business Segments - The company engages in four main business categories: - **Asset Management**: Includes asset management services, private equity fund operations, and public fund operations through joint ventures [4]. - **Investment**: Comprises fixed income trading, equity securities investment, New Third Board market making, and alternative investments [4]. - **Investment Banking**: Encompasses bond underwriting, stock sponsorship and underwriting, and financial advisory services [4]. - **Wealth Management**: Covers securities brokerage, investment consulting, financial product sales, credit services, research services, and futures business [4]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported total revenues of approximately RMB 2.519 billion, RMB 2.970 billion, RMB 3.588 billion, and RMB 1.845 billion, respectively [5]. - Corresponding net profits for the same periods were approximately RMB 555 million, RMB 701 million, RMB 985 million, and RMB 490 million [5]. - The company has maintained robust profit growth and a scientific capital operation strategy, consistently implementing high cash dividend ratios to ensure long-term stable returns for shareholders [4].

4月29日，首创证券发布公告称，拟以自有资金购买位于上海市杨浦区榆林路天阅商务广场267号全幢办公 房产，交易价格约为1.04亿元（含增值税），单位建筑面积均价5.50万元/平方米。据悉，该房产项目位于 杨浦区东外滩地块，距离黄浦江约700米。 2024年度，首创证券的营业收入及净利润均创历史新高，不过4月29日发布的2025年一季报显示，该公司实现 营收为4.32亿元，同比减少23.34%；实现归母净利润为1.51亿元，同比减少31.42%。 拟耗资1.04亿元买楼 据首创证券公告，拟购买上海首杨投资有限公司（以下简称"上海首杨公司"）开发预售的位于上海市杨浦区榆 林路天阅商务广场267号全幢办公房产，暂测建筑面积为1887.42平方米，交易价格为10380.81万元（含增值 税），资金来源于公司自有资金。考虑交易契税、印花税、其他交易费用以及建筑面积测量误差调整因素，首 创证券需支付的交易总价款（含交易税费）预计不超过 11050万元。 首创证券称，近年来，上海分公司保持了良好的经营发展态势，不断拓展财富管理业务和机构业务。同时，为 便于服务上海及其他华东地区客户，加强对华东地区市场覆盖，除上海分公司外， ...