Guosen Securities Co., Ltd.
A comprehensive securities company in China.
Last updated October 9, 2026
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Overview
Guosen Securities Company Limited is a Chinese securities and financial-services group headquartered in Shenzhen. Its business developed from the securities business division of Shenzhen International Trust and Investment Corporation, an early participant in the development of China's securities market. The division was established in 1989, became a separate company in 1994, and adopted the Guosen Securities name after a restructuring in 1996. The company operates across the principal segments of a full-service Chinese securities firm. Its sales and trading activities cover equities, fixed income, currencies, commodities, and related execution and distribution services for both retail and institutional customers. Its investment-banking business provides equity and debt underwriting, initial-public-offering sponsorship, pre-IPO financing, mergers and acquisitions advice, restructuring and privatization advice, compliance consulting, and structured financing. Guosen also conducts securities research and distributes investment information to market participants. Asset management is another core business. The group has offered products and mandates involving equities, fixed income, fund-of-funds structures, direct financing, and other investment strategies. Its Hong Kong operations have provided access to offshore public and private funds, QFII-related investments, alternative funds, hedge-fund and fund-of-funds structures, commodities-related products, private equity, and other international investment formats. Guosen Securities also owns or controls businesses involved in direct private-equity investment, including Guosen H&S Investment Company Limited. The group has maintained a broad domestic distribution network, with branches and offices in major Chinese cities including Shenzhen, Beijing, Guangzhou, Foshan, Nanjing, Shanghai, and Tianjin, as well as an international presence in Hong Kong. Its client base includes individual investors, corporations, financial institutions, and other professional investors. The company has also operated GuoXin TradingStation, a trading platform associated with its brokerage and execution services. Guosen's historical importance is tied to the expansion of China's equity markets. In the early 1990s, its predecessor was reported to have represented more than 30 percent of trading volume on the Shenzhen Stock Exchange. During the late 2000s, the firm was ranked among China's leading securities companies by trading activity and was particularly prominent in domestic initial public offerings. Between 2006 and 2009, it ranked first by the number of A-share IPOs according to the cited reference material; in 2011, it was reported as the second-largest arranger of domestic equity offerings by market share. The company's capital base expanded substantially through shareholder injections in the late 1990s and a 2008 restructuring into a stock limited company. The 2008 restructuring increased registered capital to RMB 7 billion and was accompanied by the establishment of Guosen Securities (HK) Financial Holdings Company Limited as a Hong Kong platform for international business. Guosen Securities is described in the reference material as state-owned, and Shenzhen International Holdings was identified as a major shareholder in the company's earlier ownership structure. The company later became publicly traded in Shenzhen under stock code 002736.SZ. Guosen Securities is positioned as a comprehensive, institutionally capable Chinese securities firm rather than as a narrowly focused retail broker. Its competitive scope combines nationwide brokerage distribution, domestic capital-markets underwriting, research, wealth and asset management, private equity, and Hong Kong-based cross-border capabilities. Like other securities companies operating in China and Hong Kong, it is subject to extensive conduct, market, anti-money-laundering, and investor-protection requirements.
History
Guosen Securities traces its origins to 1989, when the securities business division of Shenzhen International Trust and Investment Corporation began operating as one of the early securities-business divisions in China's developing capital market. During the early 1990s, the predecessor reportedly accounted for more than 30 percent of trading volume on the Shenzhen Stock Exchange, giving it a significant role in the formation of Shenzhen's securities ecosystem. In 1994, Shenzhen International Trust and Investment Securities Company Limited was formally established with registered capital of RMB 100 million. The company was created during a difficult period for China's stock market but reportedly remained profitable through a two-year bear market. In 1996, following efforts by the Shenzhen government to strengthen the local securities market, the company was restructured and renamed Guosen Securities. Its registered capital was subsequently increased through shareholder capital injections in 1997 and 1999, reaching RMB 2 billion. Guosen broadened its financial-services platform during the late 1990s. In 1998, it helped establish Penghua Fund Management Company Limited, in which Guosen was identified as the largest shareholder with a 50 percent stake in the cited historical material. The relationship expanded the group's presence in fund management and complemented its securities-brokerage and investment-banking operations. A major organizational change took place in 2008, when Guosen Securities was restructured as a stock limited company and its registered capital increased to RMB 7 billion. That year, the group also established Guosen Securities (HK) Financial Holdings Company Limited with registered capital of HKD 700 million. The Hong Kong entity was intended to support overseas and cross-border financial activities, including the development of offshore asset-management and investment services. By the late 2000s and early 2010s, Guosen had developed five principal business areas: sales and trading, investment banking, research, asset management, and private equity. The company maintained a large domestic branch network and was reported to rank among the top three Chinese securities firms by trading volume during 2008–2010. In investment banking, it was reported to have ranked first by the number of A-share IPOs for four consecutive years from 2006 to 2009. In 2011, it was described as the second-largest participant in domestic equity offerings by market share. The firm's private-equity platform included Guosen H&S Investment Company Limited, a wholly owned subsidiary with reported registered capital of RMB 1 billion. The subsidiary focused on direct private-equity investment, making Guosen one of the early Chinese securities firms authorized to conduct such activity. Its asset-management operations developed products spanning equities, fixed income, fund-of-funds arrangements, direct financing, and, through Hong Kong, selected alternative and offshore strategies. Guosen Securities later became listed on the Shenzhen Stock Exchange under stock code 002736.SZ. The company continued operating as a comprehensive securities group serving Chinese retail and institutional investors, issuers, and corporate clients. Its activities remained subject to the regulatory frameworks applicable to securities firms in mainland China and Hong Kong. In 2019, the Hong Kong Securities and Futures Commission took enforcement action against Guosen Securities (HK) Brokerage Company Limited. The regulator found failures in anti-money-laundering and counter-terrorist-financing controls concerning third-party deposits processed between November 2014 and December 2015. The case illustrates the importance of compliance controls in Guosen's cross-border brokerage business and is the principal regulatory controversy identified in the supplied reference material.
- 2019
Hong Kong AML enforcement action
[1]The Hong Kong Securities and Futures Commission reprimanded and fined the group's Hong Kong brokerage for deficiencies in third-party-deposit controls and related AML/CFT procedures.
- 2008
Stock-company restructuring and Hong Kong expansion
[1]Guosen was reorganized as a stock limited company, its reported registered capital rose to RMB 7 billion, and a Hong Kong financial-holdings platform was established.
- 1999
Registered capital expanded
[1]A further shareholder capital injection brought reported registered capital to RMB 2 billion.
- 1998
Penghua Fund joint venture established
[1]Guosen participated in establishing Penghua Fund Management Company Limited and was identified as its largest shareholder.
- 1997
First major capital injection
[1]Shareholders increased the company's registered capital as part of its expansion.
- 1996
Renamed Guosen Securities
[1]A restructuring connected with Shenzhen's securities-market development resulted in the company adopting the Guosen Securities name.
- 1994
Formal company established
[1]Shenzhen International Trust and Investment Securities Company Limited was established with registered capital of RMB 100 million.
- 1989
Securities-business predecessor established
[1]The securities business division of Shenzhen International Trust and Investment Corporation began operating as an early securities-market business in China.
Products and positioning
A full-service, mid-to-upper-tier Chinese securities firm with nationwide brokerage coverage, strong domestic investment-banking capabilities, and Hong Kong cross-border operations.
Brokerage
Securities brokerage
Guosen provides securities-brokerage and execution services for retail and institutional clients in China. Its domestic branch network supports account services, market access, and trading across listed securities and related products. The business formed a major part of the company's historical operating platform and was complemented by the GuoXin TradingStation electronic trading service.
Capital markets
Sales and trading
The sales-and-trading business covers equities, fixed income, currencies, and commodities. It serves both institutional and retail customers and includes market execution, distribution, and related trading services. Historical reference material placed Guosen among China's leading securities firms by trading volume during 2008–2010.
Investment banking
Investment banking
Guosen's investment-banking platform advises issuers and companies on equity and debt offerings, IPO sponsorship, pre-IPO financing, mergers and acquisitions, restructuring, privatization, compliance matters, and structured financing. The business was historically prominent in China's A-share IPO market and was reported to rank first by IPO count from 2006 through 2009.
Asset management
Asset management
The asset-management business offers or manages strategies involving equities, fixed income, fund-of-funds structures, and direct financing. Its Hong Kong activities have included offshore public and private funds, QFII-related investments, balanced portfolios, hedge funds, alternative funds, commodities-related products, and private-equity strategies.
Private equity
Private-equity investment
Guosen conducts direct private-equity investment through Guosen H&S Investment Company Limited, described in the reference material as a wholly owned subsidiary with reported registered capital of RMB 1 billion. The platform focuses on direct investments and reflects Guosen's expansion beyond brokerage and underwriting.
Trading platform
GuoXin TradingStation
GuoXin TradingStation is a trading platform operated by Guosen Securities for market-access and execution services. The supplied reference identifies it as part of the company's technology and brokerage offering, but does not provide additional product specifications.
Controversies
2026
Warning from the National Association of Financial Market Institutional Investors over False Information in Bond Bookbuilding and Issuance
In June 2026, the National Association of Financial Market Institutional Investors issued a warning to Guosen Securities for publishing false information during bond bookbuilding and issuance and for disrupting pricing and issuance order, and required comprehensive rectification.
2024
Warning Letter over Deficiencies in Stock Pledge, Relief, and Private Fund Management
In April 2024, the Shenzhen Securities Regulatory Bureau identified deficiencies at Guosen Securities in due diligence for stock pledges, the use of relief products, and the management of private fund subsidiaries and information barriers, and issued warning letters to the company and relevant responsible persons.
2024
Asset Management Products Used as Channels and Inadequate Rectification, New Filings Suspended for 3 Months
In July 2024, the Shenzhen Securities Regulatory Bureau determined that Guosen Securities' asset management business lacked active management and that its rectification was inadequate, ordered it to correct the problems, and suspended new filings for private asset management products for 3 months; exceptions and restrictions applied to the continuation of existing products.
2019
Hong Kong AML and third-party-deposit enforcement
The Hong Kong Securities and Futures Commission reprimanded Guosen Securities (HK) Brokerage Company Limited and imposed a HK$15.2 million fine. The regulator identified failures in anti-money-laundering and counter-terrorist-financing controls when the brokerage handled third-party deposits. The deposits reportedly involved approximately 10,000 transactions totaling about HK$5 billion for more than 3,500 clients between November 2014 and December 2015.
Brand decisions
2008
Creation of Hong Kong financial-holdings platformStrategyBackground
Guosen sought to develop international and cross-border financial-services capabilities.
Action taken
The company established Guosen Securities (HK) Financial Holdings Company Limited and reported registered capital of HKD 700 million for the entity.
Aftermath
The Hong Kong platform supported offshore asset management, alternative investments, and other international activities.
1996
Restructuring and name changeStrategyBackground
Shenzhen authorities were seeking to stimulate and develop the local securities market.
Action taken
The predecessor company was restructured and renamed Guosen Securities.
Aftermath
The restructuring established the Guosen identity under which the group subsequently expanded its brokerage, investment-banking, asset-management, and private-equity businesses.
Recent events
- Unconfirmed
Guosen Securities appoints a replacement financial-advisor sponsor[8]
Guosen Securities appointed Zhao Xiaofeng to replace Hu Xiaofei as a sponsor for the ongoing supervision of Zhujiang Industrial Group's acquisition of Zhujiang Development Group; Xing Lei remained in the role.
Guosen Securities and Tencent Cloud sign strategic cooperation agreement[9]
Reported:
Guosen Securities and Tencent Cloud signed a financial technology strategic cooperation agreement in Shenzhen, covering areas including cloud computing, big data, artificial intelligence and blockchain.
Guosen Securities sues *ST Kangde over overdue debt[10]
Reported:
Guosen Securities sued *ST Kangde, seeking payment of 30 million yuan in overdue principal and 1.2375 million yuan in interest, as well as contractual penalties and litigation-related costs. *ST Kangde said the case had not yet been heard and that the effect of the final judgment was uncertain.
Guosen Securities and Shenzhen Capital Group sign strategic cooperation agreement[11]
Reported:
Guosen Securities and Shenzhen Capital Group signed a strategic cooperation agreement covering areas including private equity investment, securities underwriting and sponsorship, financial advisory services, fixed income, and industry research.
Sources13 sources
- 1Guosen Securities - Wikipediaen.wikipedia.org
- 2Warning Letter over Deficiencies in Stock Pledge, Relief, and Private Fund Managementthepaper.cn
- 3Warning Letter over Deficiencies in Stock Pledge, Relief, and Private Fund Managementstcn.com
- 4Asset Management Products Used as Channels and Inadequate Rectification, New Filings Suspended for 3 Monthsyicai.com
- 5Asset Management Products Used as Channels and Inadequate Rectification, New Filings Suspended for 3 Monthseeo.com.cn
- 6Warning from the National Association of Financial Market Institutional Investors over False Information in Bond Bookbuilding and Issuancestcn.com
- 7Warning from the National Association of Financial Market Institutional Investors over False Information in Bond Bookbuilding and Issuancestatic.nfnews.com
- 8国信证券更换持续督导财务顾问主办人cfi.net.cn
- 9国信证券与腾讯云签署战略合作协议cloud.it168.com
- 10国信证券起诉*ST康得追讨到期债权finance.sina.com.cn
- 11国信证券与深创投签署战略合作协议finance.sina.com.cn
- 12国信证券与腾讯云达成战略合作 携手推进金融科技创新nbd.com.cn
- 13国信证券与腾讯云达成战略合作携手推进金融科技创新finance.people.com.cn
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