CITIC Securities - A Thoughts on the share placement - potential negative market reaction may create attractive entry point

研报英文原文证据摘录

CITIC Securities - A Thoughts on the share placement - potential negative market reaction may create attractive entry point

Asia Pacific Equity Research

29 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of

Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Overweight

CITIC Securities - A 600030.SS, 600030 CH

Price: Rmb25.35

Thoughts on the share placement - potential negative 28 May 2026

market reaction may create attractive entry point Price Target: Rmb33.00

PT End Date: 31 Dec 2026

Citic Securities has announced plans to raise Rmb16bn from its major Banks & Financial Services

shareholder Citic Financial Holding through H-share issuance, at a price of AC Peter Zhang

HK$23.13 per share, or 8% below yesterday’s H-share close (May 28). (852) 2800-8557

This will enlarge Citic Sec’s share base by 5%, and we believe the initial peter.zhang@jpmorgan.com

market reaction could be negative. However, we believe the share J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

placement is positive for Citic Sec in the medium to longer run as it should

Katherine Lei

reinforce Citic Sec’s leading position among large brokers, and the impact (852) 2800-8552

on EPS dilution should be limited as all proceeds will be used in katherine.lei@jpmorgan.com

international business development (which generates a higher ROE). We J.P. Morgan Securities (Asia Pacific) Limited/

would view share price weakness as an opportunity to add. Reiterate OW. J.P. Morgan Broking (Hong Kong) Limited

Lincoln Yu