CSC Financial is a large national comprehensive securities company. CSC Financial has developed its own unique features and core competitive advantages in areas including corporate financing, mergers and acquisitions, wealth management, securities finance, fixed income, asset management and trading of stocks and derivatives.
In 2025, CSC Financial navigated market fluctuations and focused on advancing the “Five Major Tasks” in finance. It further strengthened its competitive edge in investment banking, wealth management, trading and institutional client services and asset management, and made solid strides toward building a world-class investment bank and investment institution.
Investment banking
Onshore equity and debt financing business continued to lead the market. CSC Financial completed 12 IPO projects in the A-share market, with a total underwriting amount of RMB19.7 billion, ranking third and second respectively within the industry. CSC Financial completed 5,131 bond underwriting projects with an underwriting scale of RMB1.7335 trillion, ranking second in the industry.
Rapid growth of overseas business. China Securities (International) Finance Holding Company Limited participated in and completed 7 IPO sponsorships in Hong Kong, raising HK$45.8 billion. Among them, the CATL Hong Kong IPO raised HK$41.0 billion, marking the largest IPO in the Hong Kong stock market in the past four years and the largest IPO in the new energy industry in Hong Kong. In the offshore market, CSC Financial participated in and completed 222 bond underwriting projects, with a total underwriting volume of HK$459.1 billion.
Wealth management
Enhanced quality and efficiency of securities brokerage and wealth management businesses. In 2025, CSC Financial developed 1.7325 million new customers for securities brokerage business, bringing the total number of customers to 17.1231 million as at the end of the year. Its non-money-market public funds’ retention scale and net increase ranked fifth and second in the industry, respectively. The number of people covered by investment advisory services increased by 72% year on year, and the scale of buyer business increased by 190% year on year.
Strong momentum for the development of the futures business. China Futures Co., Ltd. recorded agency transactions of RMB32.60 trillion, a year-on-year increase of 26%, and the end-of-period client equity scale increased by 35% compared to the end of 2024.
Trading and institutional client services
The comprehensive asset allocation services were enhanced in multi-dimensions. CSC Financial continued to promote the application of the “CSC Chinese Assets Risk Parity Index 2.0”, “CSC World Assets Risk Parity Index 2.0”, “CSC World Asset Risk Parity Long Short Index 2.0” and “CSC World Asset Risk Parity Macro Hedge Index 2A” in wealth management and asset allocation. The independently developed “OctoX” digital intelligence platform has made breakthroughs in AI interpretability and the related paper has been accepted by the ACM Special Interest Group on Knowledge Discovery and Data Mining, a Class A international top academic conference recognised by the China Computer Federation.
The scale and influence of institutional business continued to expand. CSC Financial has issued 5,083 securities research reports, of which 920 were released for the Hong Kong market (either exclusively or simultaneously in both markets). CSC Financial has organised distinctive conferences such as the Global Investors Conference and the China-Saudi Investment Cooperation Forum. As at the end of 2025, CSC Financial maintained 23,394 prime brokerage service clients, representing a 25% increase compared to the end of the previous year. The scale and quantity of public fund custody both rank among the top 3 in the industry.
The alternative investment business focused on supporting technological innovation. China Securities Investment Co., Ltd. increased its support and expanded its coverage for strategic emerging industries and future-oriented industries, completing investments in 26 projects with a total investment amount of RMB1.1 billion, over 90% invested in new quality productivity projects.
Asset management
Steady growth in AUM. As at the end of 2025, CSC Financial had RMB524.5 billion in total AUM of asset management business, up 6% year on year. This included RMB104.6 billion in collective asset management, RMB179.9 billion in single asset management and RMB240 billion in specialised asset management. As at the end of 2025, among the funds managed by China Fund Management Co., Ltd, 5 funds ranked in the top 10% of the market by overall return over the past three years, 16 funds ranked in the top 20%, and 22 funds ranked in the top 30%. China Capital Management Co., Ltd focused on cutting-edge technology fields such as artificial intelligence, commercial aerospace, future materials and future energy. It completed project investments totalling RMB3.5 billion and registered new funds totalling RMB7.8 billion, ranking 5th among securities firms’ private equity subsidiaries.
Investment banking
Onshore equity and debt financing business continued to lead the market. CSC Financial completed 12 IPO projects in the A-share market, with a total underwriting amount of RMB19.7 billion, ranking third and second respectively within the industry. CSC Financial completed 5,131 bond underwriting projects with an underwriting scale of RMB1.7335 trillion, ranking second in the industry.
Rapid growth of overseas business. China Securities (International) Finance Holding Company Limited participated in and completed 7 IPO sponsorships in Hong Kong, raising HK$45.8 billion. Among them, the CATL Hong Kong IPO raised HK$41.0 billion, marking the largest IPO in the Hong Kong stock market in the past four years and the largest IPO in the new energy industry in Hong Kong. In the offshore market, CSC Financial participated in and completed 222 bond underwriting projects, with a total underwriting volume of HK$459.1 billion.
Wealth management
Enhanced quality and efficiency of securities brokerage and wealth management businesses. In 2025, CSC Financial developed 1.7325 million new customers for securities brokerage business, bringing the total number of customers to 17.1231 million as at the end of the year. Its non-money-market public funds’ retention scale and net increase ranked fifth and second in the industry, respectively. The number of people covered by investment advisory services increased by 72% year on year, and the scale of buyer business increased by 190% year on year.
Strong momentum for the development of the futures business. China Futures Co., Ltd. recorded agency transactions of RMB32.60 trillion, a year-on-year increase of 26%, and the end-of-period client equity scale increased by 35% compared to the end of 2024.
Trading and institutional client services
Capital Markets Summit and China-Saudi Investment Cooperation Forum
The comprehensive asset allocation services were enhanced in multi-dimensions. CSC Financial continued to promote the application of the “CSC Chinese Assets Risk Parity Index 2.0”, “CSC World Assets Risk Parity Index 2.0”, “CSC World Asset Risk Parity Long Short Index 2.0” and “CSC World Asset Risk Parity Macro Hedge Index 2A” in wealth management and asset allocation. The independently developed “OctoX” digital intelligence platform has made breakthroughs in AI interpretability and the related paper has been accepted by the ACM Special Interest Group on Knowledge Discovery and Data Mining, a Class A international top academic conference recognised by the China Computer Federation.
The scale and influence of institutional business continued to expand. CSC Financial has issued 5,083 securities research reports, of which 920 were released for the Hong Kong market (either exclusively or simultaneously in both markets). CSC Financial has organised distinctive conferences such as the Global Investors Conference and the China-Saudi Investment Cooperation Forum. As at the end of 2025, CSC Financial maintained 23,394 prime brokerage service clients, representing a 25% increase compared to the end of the previous year. The scale and quantity of public fund custody both rank among the top 3 in the industry.
The alternative investment business focused on supporting technological innovation. China Securities Investment Co., Ltd. increased its support and expanded its coverage for strategic emerging industries and future-oriented industries, completing investments in 26 projects with a total investment amount of RMB1.1 billion, over 90% invested in new quality productivity projects.
Asset management
Steady growth in AUM. As at the end of 2025, CSC Financial had RMB524.5 billion in total AUM of asset management business, up 6% year on year. This included RMB104.6 billion in collective asset management, RMB179.9 billion in single asset management and RMB240 billion in specialised asset management. As at the end of 2025, among the funds managed by China Fund Management Co., Ltd, 5 funds ranked in the top 10% of the market by overall return over the past three years, 16 funds ranked in the top 20%, and 22 funds ranked in the top 30%. China Capital Management Co., Ltd focused on cutting-edge technology fields such as artificial intelligence, commercial aerospace, future materials and future energy. It completed project investments totalling RMB3.5 billion and registered new funds totalling RMB7.8 billion, ranking 5th among securities firms’ private equity subsidiaries.