Southwest Securities: Plans to raise no more than 6 billion yuan through a private placement to supplement the company's capital; Hongta Securities listed for sale of 263 million yuan worth of real estate | Brokerage Fund Morning Briefing

｜Saturday, February 14, 2026｜

NO.1 Southwest Securities: Plans to raise up to 6 billion yuan through private placement to supplement company capital

Southwest Securities announced on the evening of February 13 that the company plans to issue A-shares to specific investors, raising no more than 6 billion yuan. After deducting issuance costs, all funds will be used to supplement the company’s capital. Among them, Yufu Holdings will subscribe for 1.5 billion yuan, and Chongqing Water Environment Group will subscribe for 1 billion yuan. The company stated: This fundraising will further optimize the company’s capital structure, accelerate related business development, and comprehensively enhance the company’s integrated financial services, market competitiveness, and risk resistance. This issuance of A-shares to specific investors will not cause significant changes to the company’s existing main business, and the investment projects funded by this raise are aligned with the company’s operations, technological level, and management capabilities.

Comment: Southwest Securities plans to raise 6 billion yuan through private placement, with major subscriptions from state-owned shareholders, demonstrating strong confidence in the company’s future development. This capital infusion will significantly optimize the capital structure, enhance risk resistance, and provide solid support for the expansion of margin trading and proprietary trading businesses, helping to improve the overall valuation recovery expectations of the brokerage sector. In the context of intensified industry competition, this move not only strengthens the company’s differentiated advantages but also signals active support from the capital market for real economy services, which is beneficial for boosting market sentiment.

NO.2 Hongta Securities lists property worth 263 million yuan for sale

Recently, Hongta Securities announced that some of its properties have been listed on the Beijing Property Exchange. The total involved amount based on the listing price is 263 million yuan. This asset disposal plan, which dates back to early 2024, has finally entered a substantive transaction stage after the evaluation report expired and was revalued. The evaluation report shows that the net book value of these properties is only 29.12 million yuan, while the assessed value reaches 263 million yuan (including VAT), with an appreciation rate of 802.17%. The announcement emphasizes that the properties are free of mortgage, pledge, or freezing restrictions. If the transaction is completed at the assessed value, Hongta Securities is expected to realize a total profit of 187 million yuan.

Comment: Hongta Securities’ listing and sale of properties have achieved significant appreciation, effectively activating existing assets and potentially significantly improving the company’s financial statements, providing strong performance support for the stock price. This case reflects a strategy of asset operation to enhance operational efficiency, which may lead the market to reassess the value of peers holding substantial hidden assets. In the current market environment, such increases in non-recurring gains and losses can help improve the fundamentals outlook of the brokerage sector and boost confidence in the transformation and development of financial enterprises.

NO.3 CICC Securities: Appoints Ren He Feng as Executive Vice President and Cheng Jialin as Vice President

On February 13, CICC Securities announced that the company’s 21st meeting of the second board of directors approved several proposals. The announcement shows that the board agreed to appoint Ren He Feng as Executive Vice President and Cheng Jialin as Vice President, both with terms starting from the date of approval until the end of the current board’s term. According to their resumes, He Feng is currently a member of the Party Committee, Executive Vice President, and Secretary of the Board of CICC Securities. He has previously worked at China Classification Society’s HR department, China New Technology Venture Investment Company’s Securities Management Department as a project assistant, and held positions such as Secretary of the Board, General Manager Assistant, and Vice President at CICC Securities. Cheng Jialin is currently a member of the Party Committee, Director, and Vice President of CICC Securities, and a director of China Post Entrepreneurship Fund. He has previously served as Assistant General Manager of the Human Resources Department at Beijing Capital Entrepreneurship Group, Deputy Secretary of the Party Committee and Discipline Inspection Secretary at CICC Environment Holdings, and Deputy Secretary of the Party Committee and Discipline Inspection Secretary at CICC Securities.

Comment: This high-level personnel adjustment at CICC Securities, with He Feng and Cheng Jialin being appointed to key positions, demonstrates further optimization of the company’s governance structure. Their extensive industry experience and management backgrounds are expected to improve operational efficiency and strategic execution, potentially reinforcing the market’s valuation reassessment of brokerage stocks. This move not only benefits the company’s long-term development but also injects confidence into the securities sector, possibly triggering ongoing market expectations for brokerage mergers and state-owned enterprise reforms.

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