智通财经8月22日讯（记者 陈俊兰）在资本全球化的布局背景下，不少港资企业将目光投向美国资本市场，尤其是在港资券商方面，正掀起新一轮海外上市 热潮。 Wind数据显示，年内已有32家港资企业成功赴美上市，当中包含4家港资券商成功登陆纳斯达克。此外，还有贝塔金融科技、浤博资本、思博控股、中毅资 本、芒果金融和绰耀资本等6家港资券商相继启动赴美上市流程。 Wind数据显示。2025年以来，共有4家港资券商成功登陆美国资本市场，合计募资总额4077.5万美元。 | | | 年内美股上市的港资券商 | | | --- | --- | --- | --- | | 证券代码 | | 证券简称 | 上市日期 | | BMHL.O | 蓝山控股 | 550 | 2025年7月11日 | | GRAN.O | 均富融资 | 938 | 2025年7月1日 | | WTF.O | 從瘦尖酮 | 1,750 | 2025年4月1日 | | PLUT.O | 贝德斯金融 | 840 | 2025年2月5日 | | | | 数据来源： Wind | | 具体来看，今年7月11日，总部位于香港的BluemountHoldingsLimi ...

Core Viewpoint - The recent developments surrounding Kaiyuan Securities highlight significant governance, compliance, and risk control issues, culminating in a 126 million yuan enforcement case and the failure of its IPO application after a lengthy review process [3][4]. Group 1: Enforcement and Legal Issues - Kaiyuan Securities has a new enforcement record with a case number (2025) Shaanxi 01 Executive Recovery 165, filed on May 28, 2025, involving a subject amount of 126 million yuan [1][2]. - The enforcement case amount aligns with a previously disclosed arbitration in its IPO application from December 2024 [2]. Group 2: IPO and Market Position - Once recognized as the "King of New Third Board" due to its leading position in the market from 2018 to 2021, Kaiyuan Securities faced a setback when its IPO application was terminated by the Shenzhen Stock Exchange on June 28, 2025, after three years of waiting [2][3]. - The company had submitted its IPO application in July 2022 but faced withdrawal from its sponsor, Guolian Minsheng Securities, leading to the termination of the review process [2]. Group 3: Compliance and Regulatory Challenges - In October 2024, the China Securities Regulatory Commission (CSRC) imposed a six-month suspension on Kaiyuan Securities' bond underwriting business due to violations, including misleading statements in fundraising documents and improper financing practices [4]. - The suspension resulted in the cancellation of 8.5 billion yuan worth of bond projects, leading to a 45.89% drop in investment banking revenue for 2024 [4]. Group 4: Internal Control Issues - The Dalian branch of Kaiyuan Securities faced regulatory penalties in March 2025 for multiple compliance failures, including issuing false income statements for investor qualifications and improper management of qualified investor recognition [5]. - The branch was ordered to rectify its practices and faced a six-month suspension on related business activities [5]. Group 5: Financial Performance - From 2021 to mid-2024, the brokerage business profits of Kaiyuan Securities plummeted from 192 million yuan to 10 million yuan, with commission income from agency trading dropping from 242 million yuan to 85 million yuan [5].