SHANXI SECURITIES(SZ:002500)2022-12-07 08:34Group 1: Company Overview and Business Strategy - The company has a strong group background and a stable business strategy, focusing on external expansion through mergers and acquisitions [1][2] - In 2007, the company acquired Dahu Futures, and in 2009, it established a joint venture with Deutsche Bank, marking a new phase in investment banking [2] - The company maintained an A-class rating from the Securities Association for three consecutive years from 2013 to 2015, laying a solid foundation for business development [2] Group 2: Business Performance and Market Position - The number of the company's branches outside Shanxi has reached 30, an increase of nearly 50% since its listing [2] - The brokerage business market share rebounded from 0.483% in 2013 to 0.498% in the first half of 2015, with a significant rise in market ranking from 47th to 42nd [2] - As of the first half of 2015, brokerage business revenue accounted for 47.5%, investment banking revenue for 13.7%, and proprietary trading for 26.3%, indicating a balanced income structure [2][3] Group 3: Risk Management and Business Development - The company has the lowest revenue volatility among small and medium-sized listed brokers, maintaining a leading market share in Shanxi despite external competition [3] - The proprietary business has consistently achieved positive returns, even during the bear market in 2008 [3] - The company has made significant progress in various business lines, including asset management and public fund operations, and has established a leading position in the New Third Board market-making business [3] Group 4: Capital Increase and Financial Strategy - The company plans to raise up to 4 billion yuan through a non-public stock issuance, with a base price of 9.4 yuan per share, to enhance capital and operational funds [4] - The funds will be allocated to expand credit trading business (up to 1.8 billion yuan), increase investment in proprietary business (up to 2 billion yuan), and develop internet securities business (up to 100 million yuan) [4] Group 5: Corporate Governance and Structural Changes - The Shanxi Provincial Government has decided to establish a financial investment holding group to reform local financial enterprises and integrate financial resources [4] - Following the transfer of all shares held by Shanxi Guoxin to Shanxi Jin Kong Company, the controlling shareholder will change, aiming to create a comprehensive financial platform [4]