The Zhitong Finance App learned that Chinese brokerage stocks generally declined. As of press release, GF Securities (01776) fell 3.47% to HK$7.51; CITIC Securities (06030) fell 2.81% to HK$11.78; CITIC Construction Investment Securities (06066) fell 2.4% to HK$5.69; Orient Securities (03958) fell 1.67% to HK$2.94.
Caixin Securities pointed out that regulation focuses on building a market ecosystem, and IPO supervision has been strengthened once again. Stricter IPO regulations have had an adverse impact on the performance of brokers' equity underwriting and sponsorship business. According to Wind data, no IPO companies passed the review in March, and the scale of IPO financing and refinancing in the first quarter fell 64% and 70% year-on-year respectively.
China Aviation Securities previously pointed out that overall, the overall regulatory environment for the industry will become stricter and tighter for some time to come, and combined with the performance of the secondary market, investment banking and other businesses may continue to be restricted. However, in the long run, raising the listing threshold, strengthening information disclosure checks and penalties, and strengthening supervision of brokerage firms and other related financial institutions are all conducive to improving the quality of listed companies at the source, enhancing investor confidence, and contributing to the long-term development of brokerage firms.