HONG KONG, July 23, 2026 – (ACN Newswire) – Core Viewpoint: Against the backdrop of intensifying homogenized competition among Chinese-funded securities firms in Hong Kong stocks, CMBC Capital (1141.HK) has carved out a differentiated “Commercial Bank + Investment Bank” path by deeply integrating with the resource ecosystem of its parent bank, China Minsheng Bank. This endogenous synergy forms a business moat that is difficult for competitors to replicate.
In recent years, the Hong Kong capital market has undergone profound cyclical adjustments, with Chinese-funded securities firms generally facing challenges such as pressure on brokerage businesses and fluctuations in IPO primary financing scale. Against this macro backdrop, the traditional securities firm model relying solely on license-based premiums and channel businesses has become unsustainable. As an important offshore investment banking platform under China Minsheng Bank, CMBC Capital demonstrates an counter-cyclical distinct from independent securities firms, with its core logic lying in the full-chain service capability brought by “commercial-investment banking synergy.”
First, from a business structure perspective, CMBC Capital has not confined itself to traditional capital-light intermediary businesses but has built a diversified business matrix of “corporate finance + asset management + securities trading + lending.” Among these, corporate finance and advisory services are the core segments showcasing the company’s investment banking value. Leveraging China Minsheng Bank’s vast base of mainland Chinese corporate clients, CMBC Capital can effectively access high-quality client groups with offshore financing, listing, and M&A needs. This “commercial bank lead generation, investment bank execution” model significantly reduces project search costs for the securities firm and improves deal closure rates. For enterprises, CMBC Capital not only provides equity underwriting and financial advisory services but also coordinates with the parent bank to offer comprehensive financial services such as credit support and cross-border settlement. The customer stickiness of this “one-stop” service far exceeds that of a single investment banking channel service.
Second, in the lending and fixed-income business, CMBC Capital demonstrates robust risk pricing capabilities. In the current high-interest-rate environment, the Chinese offshore USD bond market has seen increased volatility. Through strict strict credit risk management and project screening relying on the parent bank’s risk control system, CMBC Capital focuses its business on structured financing and bridge loans backed by high-quality underlying asset collateral. This strategy, primarily based on fixed income with moderate leverage, not only provides the company with stable and substantial interest income, smoothing out performance fluctuations caused by capital market volatility, but also reflects management’s prudence and rationality in a complex macro environment.
From an investment value perspective, CMBC Capital’s “synergy premium” has yet to be fully reflected in market valuation. Currently, the overall valuation of the Hong Kong-listed Chinese-funded securities firm sector is at historical lows, with the market often pricing securities firms based on price-to-book (PB) ratio, while overlooking CMBC Capital’s special status as the “strategic executor” of its parent bank overseas. As mainland enterprises “go global” and the internationalization of the renminbi advances, cross-border investment and financing demand will see structural growth. Leveraging the deep ecosystem of its parent bank, CMBC Capital is expected to gain disproportionate share in areas such as cross-border syndicated loans and offshore bond underwriting. For long-term investors, CMBC Capital not only offers the elasticity of valuation recovery in the brokerage sector but also possesses a growth premium underpinned by certainty derived from its commercial banking ecosystem. The historical peak market value of 30 billion may serve as the anchor for this round of valuation recovery.
Source: CMBC Capital Holdings Limited
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