New stock news | Capital (601136.SH) submits a second application to the Hong Kong Stock Exchange, with total revenue exceeding 3.6 billion yuan in 2025.

According to the disclosure on April 17th by the Hong Kong Stock Exchange, Capital Limited (referred to as "Capital," 601136.SH) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC, China Galaxy International, China Securities Co., Ltd. International, and CCB International acting as its joint sponsors. This is the company's second time submitting an application to the Hong Kong Stock Exchange, having previously submitted a listing application on October 16, 2025. During the reporting period, the company's business performance achieved stable growth, with total revenue in 2025 reaching approximately 3.637 billion yuan. Company Overview According to the prospectus, Capital is a leading financial service provider with outstanding value creation capability, prominent asset management capabilities, and a focus on differentiated and diversified development. Based in Beijing and serving nationwide, the company has built a one-stop financial service platform and has a diverse and steadily growing client base. According to Frost & Sullivan data, under Chinese accounting standards, the company ranked fifth and tenth in terms of compound annual revenue growth and net profit growth, respectively, among the 42 A-share listed securities companies in China from 2022 to 2024. Capital adheres to a differentiated development strategy of "asset management business as core leadership, wealth management and investment banking business as two-wing support, and investment business as balance-driven." The company mainly engages in the following four business categories: Asset management business. The company's asset management business includes (a) asset management business; (b) private equity investment fund business conducted by the company's wholly-owned subsidiary Shouzheng Decheng; and (c) public fund business conducted through the company's joint venture company You Chuangye Fund. Investment business. Depending on the type of investment, the company's investment business is divided into (a) fixed income investment trading business; (b) equity securities investment business; (c) New Third Board market-making business; and (d) alternative investment business. Investment banking business. The company's investment banking business mainly includes (a) bond underwriting and ABS; (b) stock sponsorship and underwriting; and (c) financial advisory services. Wealth management business. The company's wealth management business mainly includes (a) securities brokerage; (b) securities investment consulting services; (c) financial product sales; (d) credit business; (e) research business; and (f) futures business. Capital has established an efficient and reasonable corporate governance structure, a comprehensive risk management system, and effective internal control mechanisms, and continuously pursues value creation based on this. In terms of serving Beijing's economic development, the company actively introduces financial capital into the real economy of Beijing, supporting key industry project financing through underwriting Beijing corporate bonds and promoting the transformation of technological innovation achievements, among other methods, to help the capital's industrial upgrading and regional economic high-quality development. In terms of returning to shareholders, the company maintains a robust profit CKH HOLDINGS scientific capital operation strategy, continuously implements a high proportion of cash dividends, effectively fulfills the commitment to create long-term stable returns for shareholders, and has been successfully selected as a component of influential market benchmark indices such as the CSI 300 Index, the SSE 180 Index, and the MSCI China Index, gaining broad recognition from the capital market investors, fully demonstrating the company's value continuous growth CKH HOLDINGS sustainable development strong potential. Financial Data Total Revenue In 2023, 2024, and 2025, the company achieved total revenues of approximately 2.97 billion yuan, 3.588 billion yuan, and 3.637 billion yuan, respectively. Total Expenses In 2023, 2024, and 2025, the company's total expenses were approximately 2.22 billion yuan, 2.466 billion yuan, and 2.404 billion yuan, respectively. Annual Profit In 2023, 2024, and 2025, the company recorded annual profits of approximately 701 million yuan, 985 million yuan, and 1.056 billion yuan, respectively. Industry Overview Divided into primary business categories, the securities industry includes asset management, investment business, investment banking, wealth management, and international business. Asset management business covers public funds, private equity funds, private equity asset management products, and pension products, providing specialized management by pooling investor funds. Investment business involves proprietary trading and securities lending activities conducted by financial institutions. Investment banking business covers underwriting, mergers and acquisitions advisory, and corporate financing services. Wealth management business targets high net worth clients, offering customized asset portfolio solutions. By revenue, the scale of China's securities industry increased from 448.5 billion yuan in 2020 to 451.2 billion yuan in 2024, with a compound annual growth rate of 0.1%. With the full implementation of the stock issuance registration system and the deep application of financial technology solutions, it is projected to grow to 574.3 billion yuan by 2029, with a compound annual growth rate of 4.9% from 2024 to 2029. In the asset management market in China, the scale decreased from 30 billion yuan in 2020 to 23.9 billion yuan in 2024, with a compound annual growth rate of -5.4%. This change was mainly driven by market volatility, stricter regulations, and the compression of certain product offerings. However, with the inflow of long-term capital, the development of pension finance, and the demand for diversified asset allocation, it is expected to reach 27.9 billion yuan by 2029, with a compound annual growth rate of 3.1% from 2024 to 2029. Future growth will be driven by the increase in long-term capital inflows, the continued advancement of pension finance-related policies, and the strong demand for diversified asset allocation solutions supported by policy and technological innovation. Due to adjustments in the industrial structure driving investment momentum in core technology sectors, the investment market increased from 129.5 billion yuan in 2020 to 174.1 billion yuan in 2024, with a compound annual growth rate of 7.7%. With the improvement in the capital market system and the emergence of cutting-edge investment areas, it is expected to reach 243.3 billion yuan by 2029, with a compound annual growth rate of 6.9% from 2024 to 2029. The expected market recovery will be driven by factors such as the comprehensive implementation of the stock issuance registration system, policy support for technology and green finance directing funds to innovation-driven fields, and the stabilization of the macroeconomic environment boosting investor confidence and increasing market participation. The investment banking sector in the Chinese securities market decreased from 67.2 billion yuan in 2020 to 35 billion yuan in 2024, with a compound annual growth rate of -15.0%. The short-term contraction was significantly impacted by factors such as stricter IPO reviews and uncertainties in the macroeconomic environment. However, with the reforms in the stock issuance registration system, which accelerate the IPO process, increase underwriting fees, and demand for investment banking expertise in complex valuation and pricing, it is expected to rebound at an annual compound growth rate of 4.0% from 2024, reaching 42.7 billion yuan by 2029. The wealth management sector in the Chinese securities market decreased from 180.5 billion yuan in 2020 to 170.7 billion yuan in 2024, with a compound annual growth rate of -1.4%. The decline in the wealth management sector was mainly driven by factors such as market volatility weakening investors' risk appetite, reductions in traditional wealth product returns diminishing their attractiveness, stricter regulations limiting the supply of complex and high-risk structured products, and households shifting assets from high-risk products to more conservative allocations, weakening the demand for high-risk wealth management products. With the accelerated accumulation of household wealth, the emergence of multi-level wealth management demand, and the catalytic support of policies such as pension-related wealth management measures, it is expected to moderately rebound at a compound annual growth rate of 4.2% from 2024, reaching 210.1 billion yuan by 2029. Future expansion will be driven by factors such as growing household wealth accumulation, increasing demand for professional wealth management services, the need for diversified wealth solution demand, and catalyzing factors such as retirement-related wealth management initiatives to attract long-term stable funds into the market. From 2020 to 2024, the number of securities companies in China increased from 138 to 150, with a compound annual growth rate of 2.1%. At the same time, the total assets of securities companies increased from 8.9 trillion yuan to 12.9 trillion yuan, with a compound annual growth rate of 9.8%. During this period, the number of securities industry institutions steadily increased, with significant improvements in financial strength and asset size. This growth trend is driven by various factors, including continued relaxation of market access policies to facilitate new entrants, enhanced capital market activities promoting income diversification, accelerated digital transformation and product development through business innovation, and enhanced comprehensive service capabilities in wealth management and cross-border services. Board of Directors Information The board of directors is composed of 13 directors, including 4 executive directors, 4 non-executive directors, and 5 independent non-executive directors. Directors serve a term of three years and may be re-elected after their term expires. The board of directors is responsible for the management and operation of the company's business and has full authority over this, including determining business strategies and investment plans, implementing resolutions passed by the shareholders' meeting, and exercising other powers, functions, and duties conferred by the company's articles of association. The board of directors is also responsible for formulating and reviewing policies and procedures in corporate governance, risk management, internal controls, and compliance with legal and regulatory requirements. Ownership Structure Shouchuang Group holds 53.20% of the shares, Jing Investment Company holds 20.87%, JN Energy Group holds 8.31%, and other A-share shareholders collectively hold 17.62% of the shares. JN Energy Group is directly wholly-owned by Beijing National Administration. For the purposes of the Securities and Futures Ordinance, Beijing National Administration is deemed to have an interest in all shares held by JN Energy Group. As of the last practicable date, the company's issued share capital consists of 2,733,333,800 A-shares with a par value of RMB 1.00 per share, all listed on the main board of the Shanghai Stock Exchange. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, China Galaxy International Securities (Hong Kong) Limited, China Securities Co., Ltd. (International) Finance Limited, CCB International Asia Limited Company Legal Advisor: Norton Rose Fulbright Hong Kong for Hong Kong and U.S. Law; Beijing Guofeng Law Office for Chinese Law Joint Sponsors Legal Advisors: Gallant Law Firm for Hong Kong and U.S. Law; JT&N Law Firm for Chinese Law Auditors and Reporting Accountants: Ernst & Young LLP Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd., Shanghai Branch Compliance Consultant: Chuangsheng Financing Limited