After a gap of 7 years, the 14th "A+H" securities firm is about to emerge.

On April 17, First Capital Securities announced that it had received the CSRC’s notification for overseas issuance and listing record.

If successfully listed, First Capital Securities is expected to become the 14th “A+H” listed brokerage.

This also marks a breakthrough moment for the securities industry, as it has been extremely rare in recent years for A-share brokers to rush for IPOs in the Hong Kong market. The last time a broker successfully listed in Hong Kong was back in April 2019, when Shenwan Hongyuan made its Hong Kong debut.

In the long seven years since then, no A-share brokerage has rung the bell in Hong Kong.

However, in terms of fundamentals, First Capital Securities’ 2025 report card appears lackluster.

The financial results show that First Capital Securities achieved an operating income of 2.528 billion yuan during the period, up 4.58% year-on-year; net profit was 1.056 billion yuan, up 7.26% year-on-year.

Although both revenue and profit saw positive growth, such an increase is clearly unremarkable in the context of the overall market recovery of A-shares in 2025.

Compared with brokers of similar revenue scale, Hongta Securities and Zhongyuan Securities’ year-on-year revenue growth rates in 2025 reached as high as 37.76% and 40.97% respectively.

While the whole industry is enjoying substantial jumps driven by favorable market conditions, First Capital Securities’ less than 5 percentage points of revenue growth seems more like “flying close to the ground” below the industry average.

From a business perspective, First Capital Securities’ asset management business suffered a heavy blow, generating only 477 million yuan in revenue in 2025, a steep decline of 47.55% year-on-year.

In response, First Capital Securities explained that the drag was due to fluctuations in the bond market, which led to a sharp drop in excess performance remuneration of asset management products.

For its Hong Kong listing, one of First Capital Securities’ fundraising goals is to strengthen its asset management business layout. It plans to set up an asset management subsidiary, implement multi-asset and multi-strategy layouts, expand product issuance through existing channels, and enhance the professional capabilities of its private fund subsidiary.

Overall, First Capital Securities’ push into the Hong Kong market is not only a breakthrough for A-share brokers after seven years of silence, but also a crucial step in seeking business development for itself.

However, with the “lackluster” performance background, whether fundraising in Hong Kong can help First Capital Securities catch up in the fierce industry competition remains uncertain. The real value test has only just begun.

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