BRIEF: Capital Securities gets regulatory nod, refiles for Hong Kong IPO

Capital Securities Corp. Ltd. (601136.SH) refiled a new IPO application with the Hong Kong Stock Exchange on Friday, the same day the brokerage received official approval from China’s securities regulator for its Hong Kong listing plan.

The company aims to issue about 1.05 billion shares in the Hong Kong listing, according to the Friday announcement on the China Securities Regulatory Commission’s (CSRC) website formally registering the plan. Such registration, equivalent to a formal approval, is a key regulatory hurdle all Chinese companies must clear before listing in Hong Kong.

The company is already listed in Shanghai, and aims to become China’s 14th dual-listed brokerage with its planned Hong Kong IPO. It initially filed for the listing last October, but that application lapsed after it failed to complete the IPO within six months.

The company reported 3.64 billion yuan ($534 million) in revenue last year, up 1.4% from 3.59 billion yuan in 2024. Its revenue from fees and commissions fell 23% year-on-year last year to 1.42 billion yuan, accounting for about 39% of its total. Its interest income also fell 9.3% to 553 million yuan over that period. Those declines were offset by revenue from its investments and other gains, which rose 46% to 1.67 billion yuan, accounting for 46% of total revenue.

The company’s profit last year rose 7.2% to 1.06 billion yuan from 985 million yuan in 2024.

By Doug Young

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