中国执行信息公开网显示，开源证券新增一条恢复执行记录，案号为（2025）陕01执恢165号，立案时间2025年5月28日，标的 1.26亿元。 | 被执行人 | | | --- | --- | | 被执行人姓名/名称： | 开源证券股份有限公司 | | 身份证号码/组织机构代码： | 9161000022***820C | | 执行法院: | 陕西省西安市中级人民法院 | | 立案时间: | 2025年05月28日 | | 案号: | (2025)陕01执恢165号 | | 执行标的: | 125510000 | 值得注意的是，开源证券曾在2024年12月披露的IPO申报稿中披露了一起仲裁，计算后的相关金额与1.26亿元较为吻合。 根据行业公开数据，2018至2021年、2023年及2024年上半年，开源证券新三板挂牌项目行业排名第一，一度被媒体称为"新三板 王"。 债券承销业务暂停，直接导致开源证券85亿元债券项目被迫取消发行，其中"24中SC1""24中证C2""24洞庭04""24洞庭03"等重点 项目悉数搁浅。作为支柱业务的债券承销业务暂停，导致开源证券2024年投行收入骤降45.89%。 而大连证监 ...

"港交所的铜锣快不够用了。"这句投资者的调侃，正成为港股IPO（首次公开募股）市场火爆最为显性的一面。 7月9日，港交所金融大会堂6面铜锣齐鸣，创下年内上市公司数量纪录，也创下港交所铜锣数量新高，原本在香港各区巡礼展 览的铜锣都被拉回来摆在现场。 当日，峰岹科技（688279.SH）、极智嘉（2590.HK）、讯众通信（2597.HK）、大众口腔（2651.HK）、蓝思科技 （6613.HK）5家公司同日登陆港交所主板，恒生摩根美国股票高入息主动型ETF亦同日上市，金融大会堂首现六锣同鸣。 据万得（Wind）数据，2025年上半年，港股市场的IPO募资额高达1067亿港元，是去年同期的近8倍，重返全球第一。从上市 时间分布来看，5月与6月为上半年新股上市的集中时段，期间共有25家企业完成IPO，占上半年上市总量的58.14%。而2月、4 月分别仅有1家和2家企业实现上市，为上半年上市数量最少的两个月份。 从募资情况来看，实际募资额超过20亿港元的新股有8只，超过10亿港元的有17只。其中，实际募资总额前五名的分别为宁德 时代、恒瑞医药、海天味业、三花智控与蜜雪冰城，募资总额分别为410.06亿港元、113.7 ...

Core Viewpoint - Zhongtai Securities is providing a guarantee of HKD 350 million for its wholly-owned subsidiary Zhongtai International to enhance its strength and promote overseas business development [2][5]. Group 1: Guarantee Details - The total guarantee amount provided by Zhongtai Securities for Zhongtai International is HKD 1 billion, including the current guarantee [2][4]. - The guarantee is part of a cooperation agreement signed with China Merchants Bank Jinan Branch, aimed at facilitating overseas bank loans for Zhongtai International [4][5]. - The guarantee period is set for 12 months [4]. Group 2: Financial Performance of Zhongtai International - In 2024, Zhongtai International reported revenues of HKD 435 million and a net loss of HKD 529 million [5]. - For the first quarter of the current year, Zhongtai International continued to incur losses, with revenues of HKD 110 million and a net loss of HKD 48.24 million [5]. - As of the end of the first quarter, Zhongtai International's total assets were HKD 7.929 billion, total liabilities were HKD 7.491 billion, and the net asset value was HKD 438 million, resulting in a high debt ratio of 94.47% [5]. Group 3: Business Operations and Future Outlook - Zhongtai International's main business includes overseas IPO sponsorship/underwriting, offshore bond underwriting, wealth management, and asset management [6]. - In 2024, Zhongtai International underwrote 21 IPO projects with a total amount of USD 64 million, ranking 11th in the Hong Kong market [6]. - The company plans to transform its wealth management business, enhance financial technology capabilities, and focus on key market areas for investment banking development in 2025 [6].

头部券商IPO业务竞争格局悄然生变 今年上半年，A股IPO受理步伐加快、中企境外上市持续升温，券商投行的竞争格局悄然生变。 第一财经根据交易所披露数据统计，上半年，三大交易所受理IPO项目共177个，共有38家券商参与"分 羹"，头部券商的座次发生变化。合并后的国泰海通IPO项目竞争中占据优势地位，中信证券则暂失首 位。而排名较后的头部券商，在境外市场则有相对较好的表现。 与此同时，投行生态"马太效应"进一步加剧，上半年超过七成的IPO受理项目、超过八成的IPO承销金 额，均集中在前十家券商手中，如何在投行业务竞争中突围，成为中小券商共同面临的难题。 头部券商竞争格局悄然生变 自6月以来，沪深北三大交易所IPO受理明显加速。其中，6月新受理IPO数量就有151个，占比超过 85%。 从投行参与情况来看，上半年共有38家券商保荐了项目，超过七成的业务量，集中在排名前十的券商手 中。其中，4家头部券商受理项目数超过10单，国泰海通以26单位列第一，中信证券紧随其后受理22 单，中信建投共受理14单，中金公司受理10单。 从承销情况来看，Wind数据显示，按发行日计算，截至6月30日，上半年共有23家券商参与A股4 ...

谁主沉浮？ 随着6月落幕，上半年IPO受理情况出炉。证券公司如何把握新一轮的政策周期，受到市场关注。 据券商中国记者统计，在今年上半年IPO受理潮里，共有38家券商有所斩获。其中，国泰海通证券以26单的数 量位居榜首，超越"长期领跑者"中信证券。 从行业格局看，头部效应持续加剧。除国泰海通、中信证券等大型券商外，多家中小券商IPO受理家数较少， 有21家投行上半年获受理项目均不超过3单。 榜首"易主" IPO储备"弹药"越充足，未来投行收入可能越可观。随着6月IPO受理工作"收官"，保荐机构上半年项目受理分 布情况随之显现。 相较来看，中信证券受理项目的情况更为均衡，其共有22单IPO项目获得受理，其中有9单北交所项目；7单科 创板项目。中信证券参与的大型项目有华润新能源深市主板IPO、摩尔线程科创板IPO，前者2024年扣非净利 润为8.23亿元，后者为-15.07亿元。 中信建投和中金公司分别以14单、10单依次排在第三位、第四位。前者同样以北交所项目为主，上半年共有11 单获得受理，占比近80%；后者以沪深市场为主，其中沪深主板合计有4单；创业板有3单。 华泰联合证券则与国联民生分别以9单IPO项目并列 ...

Core Insights - The IPO business in A-shares and Hong Kong has shown signs of recovery in 2025, with A-share IPO financing amounting to 37.355 billion yuan, a year-on-year increase of 14.96%, and the number of IPOs reaching 51, up 15.91% [2][4]. In Hong Kong, the IPO financing total has surged to 104.721 billion HKD (approximately 95.663 billion yuan), reflecting a staggering year-on-year growth of 785.99% [2]. A-share Market Developments - The China Securities Regulatory Commission (CSRC) has introduced new policies to deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth layer and the reactivation of listing standards for unprofitable companies [2][11]. - The number of IPO projects accepted by the Shanghai, Shenzhen, and Beijing exchanges has significantly increased, with 67 projects accepted in June alone, compared to only 30 in the first half of 2024 [6][7]. Brokerages and Investment Banks - Brokerages are experiencing a structural recovery in their investment banking businesses, with top firms leveraging bond underwriting and cross-border mergers to achieve growth despite an overall decline in average revenues [4][12]. - The competitive landscape among brokerages is shifting, with a notable increase in the number of successful IPOs from smaller firms, while larger firms maintain stable project volumes [9][10]. Hong Kong Market Dynamics - The Hong Kong IPO market has seen a significant uptick, with 28 brokerages participating in new stock issuances, and Chinese brokerages leading in the number of deals [13][14]. - The total IPO financing in Hong Kong has surpassed 100 billion HKD, exceeding the total amounts raised in the previous three years and accounting for one-third of the average annual IPO financing from 2018 to 2021 [14][15]. Future Outlook - The overall market activity is expected to increase in 2025 due to a series of capital market reforms, which will enhance the trading environment and boost investment banking revenues [12]. - Positive market factors are anticipated to provide a favorable environment for high-quality IPO projects, suggesting a continued prosperous outlook for the Hong Kong IPO market in the latter half of 2025 [16].

Group 1 - The core viewpoint is that China International Capital Corporation (CICC) has emerged as the leading underwriter in the Hong Kong IPO market this year, with a significant number of deals and underwriting amounts [1][2] - As of June 12, CICC has sponsored 9 IPOs, ranking first among all underwriters, followed by China Merchants International with 5 IPOs [1] - The total amount raised through IPOs in Hong Kong this year reached 77.346 billion HKD, nearing the total amount raised in the previous year [1] Group 2 - In terms of underwriting amounts, CICC leads with a total of 18.679 billion HKD from 13 IPOs, followed by other major players like Merrill and JPMorgan [2] - Over 40 companies are currently planning to list in Hong Kong, with more than 20 already having submitted applications to the Hong Kong Stock Exchange [2] - There is a notable trend of Chinese securities firms accelerating their international expansion, with 36 firms having established international subsidiaries in Hong Kong [2]

Group 1 - In the first half of the year, 24 securities firms assisted in 43 IPO projects, raising a total of 26.634 billion yuan [1] - The top three firms by project count are Huatai United, Guotai Junan, and CITIC, each sponsoring 5 projects [1] - By fundraising amount, CITIC leads with 4.087 billion yuan, followed by Huatai United with 3.879 billion yuan and Guotai Junan with 2.160 billion yuan [1] Group 2 - The total underwriting and sponsorship fees reached 1.966 billion yuan, with six firms exceeding 100 million yuan in fees [1] - The leading firms in underwriting and sponsorship fees are Huatai United (254 million yuan), CITIC (207 million yuan), and Guotai Junan (176 million yuan) [1] - Other notable firms in the fee rankings include Shenwan Hongyuan (141 million yuan) and Dongxing (116 million yuan) [1]

2025年1-5月，共有21家律师事务所为这43家新上市公司IPO提供了法律服务。 2025年1-5月，共有24家保荐机构承担了这43家新上市公司的IPO上市业务。 国泰海通、华泰联合、中信证券并列第一，业务单数各5单。（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 一、保荐机构业绩排名 随着5月29日古麒绒材（001390）在深主板上市，2025年1-5月A股合计新上市公司43家，其中沪市主板9家、科创板6家、深市主板6家、创业板18家、北交所4家。 相较去年同期的38家，同比增长13.16%。这43家新上市公司募资净额为249.39亿元，相较去年同期的244.18亿元，同比增长2.13%。 | 6 | 天风证券 | 2 | | --- | --- | --- | | 8 | 华安证券 | l | | 8 | 东方证券 | 1 | | 8 | 光大证券 | 1 | | 8 | 广发证券 | 1 | | 8 | 国金证券 | 1 | | 8 | 国投证券 | 1 | | 8 | 国信证券 三三 | FOR IT | | 8 | | 国元证券TONWOOD TREF | | 8 | 民生 ...