China Securities Association data show the securities industry helped sci‑tech
firms raise over 540 bln yuan in 1H via IPOs, sci‑tech innovation bonds and
other instruments. Fifty‑six firms listed on the STAR Market, ChiNext and the
Beijing Stock Exchange, raising 41.67 bln yuan. Brokerages underwrote or managed
553 sci‑tech innovation bonds/ABS totaling 500.08 bln yuan. As strategic
investors, brokerages and their alternative subsidiaries participated in IPO
follow‑on investments of 860 mln yuan in 1H, with cumulative follow‑on
investment near 40 bln yuan, using primarily proprietary capital. As of
end‑June, brokerage private‑fund product assets under management stood at 693.69
bln yuan, up 7.88% from last year‑end, directing social capital toward growth
sectors.
