Open source securities Shenzhen Stock Exchange IPO "terminated", original plan to raise 4 billion yuan.

On June 28th, Open Source Securities Co., Ltd. (referred to as "Open Source Securities") had its IPO review status on the Shenzhen Stock Exchange's Growth Enterprise Board changed to "terminated." This was due to Open Source Securities and the sponsor withdrawing their application for listing. According to Article 62 of the Shenzhen Stock Exchange Stock Offering and Listing Review Rules (revised in 2024), the Shenzhen Stock Exchange decided to terminate its review process for the IPO. It is known that the sponsor for Open Source Securities' IPO is Minsheng Securities Co., Ltd., with a planned financing amount of 4 billion yuan. According to the prospectus, Open Source Securities is a comprehensive securities company with qualifications for multiple business lines. Its main business includes securities brokerage; securities investment consulting; financial advisory related to securities trading, securities investment activities; securities underwriting and sponsorship; securities proprietary trading; securities fund sales; securities asset management; margin financing and securities lending; distribution of financial products; and providing intermediary services for futures companies. Additionally, the company conducts private equity investment fund business through its subsidiary Open Source Sichuang, alternative equity investment business through its subsidiary Shenzhen Open Source, futures brokerage, asset management, and futures investment consulting business through its subsidiary Changan Futures, futures risk management business through its subsidiary Changkai Trade and Investment, and public fund management business through its subsidiary Peng'an Fund. The company is based in Shaanxi and serves the entire country. By leveraging the national strategy of Western development, it optimizes its national layout, expands its comprehensive business, and has already developed a balanced structure in brokerage business, asset management, investment banking, securities proprietary trading, and research. After deducting issuance costs, the funds raised in this offering will be used entirely to replenish the company's capital, optimize its capital structure, increase operating funds, expand business scale, drive business structural adjustments, further optimize revenue structure, diversify risks, enhance the company's capital return ability, and increase shareholder wealth value. The key uses of funds include but are not limited to optimizing and upgrading traditional brokerage business, enhancing investment banking business strength comprehensively, supporting the company's securities proprietary trading business, continuing to improve research competitiveness, increasing investment in asset management business, increasing investment in information technology construction, and enhancing digital service capabilities.