Summary · why it matters
The board of Caida Securities has approved a proposal to establish a wholly owned alternative investment subsidiary, Caida Innovation Investment, in Beijing with 250 million yuan of its own funds. On February 11 this year, the company had just decided to deregister its loss-making former alternative investment subsidiary, Caida Xinrui Investment, with registered capital jumping from 100 million yuan to 250 million yuan, completing a full reset of its alternative investment business within half a year. The newly established Caida Innovation has registered capital of 250 million yuan, fully funded by Caida Securities with 100 percent of its own capital, and will have a board of directors, a chairman, a general manager and a deputy general manager, though final implementation still requires approval from the China Securities Regulatory Commission. The company said it will closely follow the five major financial articles, respond to the policy direction of investing early, investing small and investing in hard technology, and focus on serving the coordinated development of the Beijing-Tianjin-Hebei region and the construction of the Xiongan New Area. Since 2026, Zheshang Securities has planned to inject 1 billion yuan into its alternative investment subsidiary Zheshang Investment, and Tibet Oriental Wealth Innovation Capital under East Money has increased its registered capital from 500 million yuan to 1 billion yuan. Across the industry, 85 securities firms' parent companies have already set up alternative investment subsidiaries, accounting for more than 80 percent. In 2025, the combined net profit of alternative investment subsidiaries across the securities industry reached 9.3 billion yuan, with leading institutions holding an absolute dominant position. The alternative investment subsidiaries under Guotai Haitong and CITIC Securities each posted net profit exceeding 1 billion yuan. Alternative investment subsidiaries have become a key hub for securities firms' three-investment linkage business model and the wealth effect of STAR Market co-investment. Statistics from Soochow Securities show that since the co-investment system was implemented in 2019, securities firms have cumulatively invested nearly 35 billion yuan in STAR Market co-investments, and as of the end of the first half of 2026, the corresponding market value held was nearly 100 billion yuan. Changxin Technology closed at 49 yuan on its first day of listing on July 27, with a market value of about 3.28 trillion yuan. CICC Wealth under CICC and CITIC Construction Investment, the alternative investment subsidiary of China Securities, each co-invested 1 billion yuan and were allocated about 115 million shares. Based on the first-day closing price, each firm's co-investment market value was about 5.66 billion yuan, with a floating profit of about 4.66 billion yuan, and the two firms' combined floating profit exceeded 9.2 billion yuan.
Caida Securities Co Ltd
Zheshang Securities Co Ltd
Sealand Securities Co Ltd
Changjiang Securities Co Ltd
East Money Information Co Ltd
CITIC Securities Co Ltd
China Merchants Securities Co Ltd
China Securities Co Ltd
Guotai Junan Securities Co Ltd
Soochow Securities Co Ltd
Nanjing Securities Co Ltd
China International Capital Corp Ltd
CXMT Corporation