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First Capital Securities
First Capital Securities was founded in 1993 and is headquartered in Shenzhen, China. The firm operates as a publicly listed investment bank and securities...
First Capital Securities
First Capital Securities was founded in 1993 and is headquartered in Shenzhen, China. The firm operates as a publicly listed investment bank and securities house on the Shenzhen Stock Exchange under the ticker 002797. Its shareholder register includes a mix of state-owned and private capital, reflecting the hybrid ownership structure common among China's mid-tier brokerage firms. The firm's core operating segments include securities brokerage, investment banking, asset management, and proprietary trading. Through its wholly-owned subsidiaries, First Capital Investment Management engages in private equity and venture capital fund management, while First Capital Futures provides commodity and financial futures brokerage services. The firm also operates fixed-income and equity research divisions that serve institutional investors. Its geographic footprint concentrates on China's domestic A-share market, with branch networks primarily serving retail and high-net-worth investors in Guangdong province and other coastal economic hubs. First Capital Securities listed on the Shenzhen Stock Exchange in May 2016, raising approximately RMB 2.3 billion to bolster its capital base for margin lending and proprietary investment activities. The firm's adjacent vehicle, First Capital Futures, holds a clearing member license from the China Financial Futures Exchange, a structural advantage that enables direct participation in index futures and Treasury bond futures markets. The firm maintains multiple branch offices across major Chinese cities, though precise headcount figures are not publicly consolidated in a single source. A structural differentiator for the firm is its dual identity as both a regulated securities broker and a private fund manager operating under the same parent entity. This architecture permits cross-referral between retail brokerage clients and private fund products, a model that Chinese regulators have permitted for licensed securities firms but restricted for independent wealth managers. The firm also operates a research institute that publishes macro and sector analysis, functioning as a client acquisition channel alongside its brokerage desks.
General information
Firm type
Bank / Wealth / Trust
Year founded
1993
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shenzhen
Corporate office
Shenzhen, China
Sector focus
Frequently asked questions
Who owns or controls First Capital Securities?
First Capital Securities is a publicly traded company listed on the Shenzhen Stock Exchange under ticker 002797. Its shareholder structure includes a mix of institutional investors typical of China's mid-tier securities firms. The largest shareholders historically include state-affiliated investment entities and corporate investors, though the specific ownership breakdown fluctuates with market trading and periodic equity placements. The firm's publicly listed status means no single family or individual controls it.
How does First Capital Securities differ from a pure-play asset manager?
The firm operates as an integrated securities company rather than a standalone asset manager. Its business lines cover retail and institutional securities brokerage, proprietary trading with balance-sheet capital, investment banking underwriting, and asset management through subsidiary entities. This structure — common among Chinese securities firms — means the firm generates revenue from transaction fees, spread income, and investment returns rather than solely from management and performance fees on third-party capital.
Does First Capital Securities manage private equity or venture capital funds?
Yes, through its wholly-owned subsidiary First Capital Investment Management. This entity manages private fund products that invest in unlisted companies and pre-IPO opportunities in China. The subsidiary operates under China's Asset Management Association regulatory framework for private fund managers rather than the public securities license that governs the parent company's brokerage activities.
What is First Capital Futures and how does it relate to the parent firm?
First Capital Futures is a wholly-owned subsidiary that provides brokerage and clearing services for commodity futures, stock index futures, and government bond futures traded on China's mainland exchanges. Its membership in the China Financial Futures Exchange allows the broader firm to offer institutional clients hedging and arbitrage strategies that require direct futures market access, complementing the parent company's equity and fixed-income brokerage desks.
Is First Capital Securities accessible to foreign institutional investors?
Foreign institutional investors can access China's A-share market through licensed brokers including First Capital Securities, typically via the Qualified Foreign Institutional Investor program or Stock Connect schemes. The firm's brokerage desk serves domestic and qualified foreign clients. However, First Capital Securities does not have a prominent international presence or offshore offices, distinguishing it from larger Chinese brokerages that actively solicit global institutional flow.
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