Four securities firms appear on Changxin's shareholder list, with hundreds of billions in unrealized gains reshuffling rankings—equivalent to creating one and a half 'China Merchants Securities'.

① According to Changxin Technology's prospectus, four securities firms—China Merchants Securities, Huaan Securities, CITIC Securities, and CICC—hold indirect stakes in the company. ② Based on Changxin Technology’s estimated valuation of RMB 3 trillion, China Merchants Securities stands to realize an unrealized gain of nearly RMB 20 billion, while Huaan Securities exceeds RMB 10 billion, significantly boosting both firms’ net profits. ③ The earnings contribution from this equity investment is expected to propel China Merchants Securities into the top three among securities firms by profitability and help Huaan Securities break into the industry’s top ten.

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