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source: sina securities

produced by: sina finance listed companies research institute

author: ipo refinancing group/zheng quan

on the morning of september 6, china galaxy securities’ stock price once reached its daily limit.as of closingthe share price rose by 4.93%. recently, china galaxy securities' share price has repeatedly hit the daily limit or surged, and the market believes that this is related to the expected merger with cicc, but the two brokerages have previously denied the related rumors many times.

according to the semi-annual report released recently, china galaxy securities did not disclose the key risk control indicator of "risk coverage ratio" in its first half annual report, while the other 42 listed securities companies disclosed this indicator in their semi-annual reports. interestingly, china galaxy securities disclosed the risk coverage ratio indicator in its annual and semi-annual reports in other years, but omitted it in the 2024 semi-annual report. it is not known whether it was due to negligence or data failure.

in the first half of this year, china galaxy securities' investment banking revenue grew against the trend, but the scale of the company's investment banking revenue is still very small, accounting for a significantly lower proportion of total revenue than other leading securities firms.。at presentchina galaxy securities has only two ipo projects under review. both companies have very long waiting periods and have been questioned by the outside world for having many problems, but china galaxy securities has been slow to withdraw its sponsorship application.

is the failure to disclose key risk control indicators in the semi-annual report an omission or non-compliance?

in the first half of this year, china galaxy securities achieved operating income of 17.086 billion yuan, a year-on-year decrease of 1.88%; and achieved net profit attributable to shareholders of 4.388 billion yuan, a year-on-year decrease of 11.16%.