Announcement • Jun 05
Founder Securities Co., Ltd., Annual General Meeting, Jun 29, 2026 Founder Securities Co., Ltd., Annual General Meeting, Jun 29, 2026, at 14:30 China Standard Time. Announcement • Mar 30
Founder Securities Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Founder Securities Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 26
Founder Securities Co., Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 Founder Securities Co., Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 14% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Oct 19
First half dividend of CN¥0.061 announced Shareholders will receive a dividend of CN¥0.061. Ex-date: 24th October 2025 Payment date: 24th October 2025 Dividend yield will be 1.5%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 21% over the next 3 years. However, it would need to fall by 67% to increase the payout ratio to a potentially unsustainable range. Announcement • Sep 30
Founder Securities Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Founder Securities Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Sep 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Jul 21
Dividend of CN¥0.059 announced Shareholders will receive a dividend of CN¥0.059. Ex-date: 25th July 2025 Payment date: 25th July 2025 Dividend yield will be 1.3%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Announcement • Jun 30
Founder Securities Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Founder Securities Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Jun 24
Founder Securities Co., Ltd.(SHSE:601901) dropped from Shanghai Stock Exchange 180 Value Index Founder Securities Co., Ltd removed Announcement • May 09
Founder Securities Co., Ltd., Annual General Meeting, May 30, 2025 Founder Securities Co., Ltd., Annual General Meeting, May 30, 2025, at 14:30 China Standard Time. Location: 19F, Block A, No. 10, Chaoyangmen South Avenue, Chaoyang District, Beijing China Announcement • Mar 28
Founder Securities Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Founder Securities Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Mar 14
Beijing State-Owned Assets Management Co., Ltd. completed the acquisition of 85.01% stake in Credit Suisse Securities (China) Limited from Founder Securities Co., Ltd. (SHSE:601901) and Credit Suisse AG. Beijing State-Owned Assets Management Co., Ltd. entered into an agreement to acquire 85.01% stake in Credit Suisse Securities (China) Limited from Founder Securities Co., Ltd. (SHSE:601901) and Credit Suisse AG for CNY 1.5 billion on June 24, 2024. Following the completion of the transaction, Credit Suisse and Beijing State-Owned Assets will hold 14.99% and 85.01% in Credit Suisse Securities respectively. The completion of the transaction is subject to the necessary regulatory approvals and customary closing conditions.
UBS Group AG (SWX : UBSG) received the approval for the transaction from the China Securities Regulatory Commission (CSRC) on March 12, 2025.
Beijing State-Owned Assets Management Co., Ltd. completed the acquisition of 85.01% stake in Credit Suisse Securities (China) Limited from Founder Securities Co., Ltd. (SHSE:601901) and Credit Suisse AG on March 12, 2025. Announcement • Dec 27
Founder Securities Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Founder Securities Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 New Risk • Oct 22
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (54% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Oct 17
Price target increased by 7.7% to CN¥9.35 Up from CN¥8.69, the current price target is an average from 3 analysts. New target price is 14% above last closing price of CN¥8.21. Stock is up 10% over the past year. The company is forecast to post earnings per share of CN¥0.24 for next year compared to CN¥0.26 last year. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥8.41, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 26x in the Capital Markets industry in China. Total returns to shareholders of 4.5% over the past three years. Upcoming Dividend • Oct 04
Upcoming dividend of CN¥0.048 per share Eligible shareholders must have bought the stock before 11 October 2024. Payment date: 11 October 2024. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Chinese dividend payers (2.2%). Lower than average of industry peers (1.2%). Announcement • Sep 30
Founder Securities Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Founder Securities Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥8.49, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 24x in the Capital Markets industry in China. Total returns to shareholders of 4.9% over the past three years. Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥7.83b to CN¥7.33b. EPS estimate also fell from CN¥0.277 per share to CN¥0.24 per share. Net income forecast to grow 16% next year vs 20% growth forecast for Capital Markets industry in China. Consensus price target of CN¥8.77 unchanged from last update. Share price was steady at CN¥6.78 over the past week. New Risk • Aug 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (54% accrual ratio). Declared Dividend • Jul 15
Dividend increased to CN¥0.023 Dividend of CN¥0.023 is 92% higher than last year. Ex-date: 19th July 2024 Payment date: 19th July 2024 Dividend yield will be 0.3%, which is lower than the industry average of 1.8%. Announcement • Jun 29
Founder Securities Co., Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Founder Securities Co., Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Announcement • Jun 26
Beijing State-Owned Assets Management Co., Ltd. entered into an agreement to acquire 85.01% stake in Credit Suisse Securities (China) Limited from Founder Securities Co., Ltd. (SHSE:601901) and Credit Suisse AG for CNY 1.5 billion. Beijing State-Owned Assets Management Co., Ltd. entered into an agreement to acquire 85.01% stake in Credit Suisse Securities (China) Limited from Founder Securities Co., Ltd. (SHSE:601901) and Credit Suisse AG for CNY 1.5 billion on June 24, 2024. Following the completion of the transaction, Credit Suisse and Beijing State-Owned Assets will hold 14.99% and 85.01% in Credit Suisse Securities respectively. The completion of the transaction is subject to the necessary regulatory approvals and customary closing conditions. Announcement • May 08
Founder Securities Co., Ltd., Annual General Meeting, May 30, 2024 Founder Securities Co., Ltd., Annual General Meeting, May 30, 2024, at 14:20 China Standard Time. Location: 19F, Tower A, No. 10, Chaoyangmen South Avenue, Chaoyang District, Beijing China Announcement • Mar 29
Founder Securities Co., Ltd. to Report Q1, 2024 Results on Apr 23, 2024 Founder Securities Co., Ltd. announced that they will report Q1, 2024 results on Apr 23, 2024 Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥8.38, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Capital Markets industry in China. Total loss to shareholders of 1.9% over the past three years. Announcement • Dec 30
Founder Securities Co., Ltd. to Report Fiscal Year 2023 Results on Mar 20, 2024 Founder Securities Co., Ltd. announced that they will report fiscal year 2023 results on Mar 20, 2024 Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥7.82, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Capital Markets industry in China. Total loss to shareholders of 7.4% over the past three years. New Risk • Nov 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to CN¥9.52, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 16x in the Capital Markets industry in China. Total returns to shareholders of 4.9% over the past three years. New Risk • Oct 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥7.88, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Capital Markets industry in China. Total loss to shareholders of 14% over the past three years. Announcement • Dec 19
Founder Securities Co., Ltd.(XSSC:601901) dropped from S&P Global BMI Index Founder Securities Co., Ltd.(XSSC:601901) dropped from S&P Global BMI Index Announcement • Dec 12
Founder Securities Co., Ltd.(XSSC:601901) dropped from FTSE All-World Index (USD) Founder Securities Co., Ltd.(XSSC:601901) dropped from FTSE All-World Index (USD) Price Target Changed • Nov 16
Price target decreased to CN¥7.96 Down from CN¥10.00, the current price target is provided by 1 analyst. New target price is 15% above last closing price of CN¥6.90. Stock is down 13% over the past year. The company posted earnings per share of CN¥0.22 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Shinan Cao was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥7.29, the stock trades at a trailing P/E ratio of 32.7x. Average forward P/E is 14x in the Capital Markets industry in China. Total returns to shareholders of 9.4% over the past three years. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Wendong Lu was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥10.31, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 20x in the Capital Markets industry in China. Total returns to shareholders of 74% over the past three years. Announcement • May 01
Ping an Reportedly in Talks for Partial Stake in Founder Securities Ping An Insurance (Group) Company of China, Ltd. (SEHK:2318) is in talks to acquire a partial stake in Founder Securities Co., Ltd. (SHSE:601901) and is exploring merging the firm with its own securities arm, creating one of China’s biggest brokerages amid competition from local rivals and Wall Street giants. Ping An is in discussions with Peking University Founder Group Company Limited, which holds an about 28% stake in the Shanghai-listed brokerage firm, according to people with knowledge of the matter. A working team from Ping An has been conducting due diligence on Founder, the Chinese partner of Credit Suisse Group AG, the people said. Ping An is considering to combine Founder Securities with Ping An Securities Co., Ltd. at a later stage, the people said, asking not to be identified as the information is private. Discussions are at an early stage and any deal would require approvals from shareholders, creditors and regulators, the people said. Representatives from Ping An Group and Founder Securities declined to comment. Ping An Securities didn’t reply to an email seeking for comments. Announcement • Mar 09
Founder Securities Co., Ltd. to Report Fiscal Year 2020 Results on Mar 31, 2021 Founder Securities Co., Ltd. announced that they will report fiscal year 2020 results on Mar 31, 2021 Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥9.45, the stock is trading at a trailing P/E ratio of 55.9x, down from the previous P/E ratio of 66.3x. This compares to an average P/E of 28x in the Capital Markets industry in China. Total returns to shareholders over the past three years are 38%. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 25% share price gain to CN¥10.37, the stock is trading at a trailing P/E ratio of 61.4x, up from the previous P/E ratio of 49.2x. This compares to an average P/E of 27x in the Capital Markets industry in China. Total returns to shareholders over the past three years are 46%. Is New 90 Day High Low • Dec 24
New 90-day low: CN¥8.31 The company is down 1.0% from its price of CN¥8.39 on 25 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 6.0% over the same period. Announcement • Oct 30
Founder Securities Co., Ltd. to Report Q3, 2020 Results on Oct 31, 2020 Founder Securities Co., Ltd. announced that they will report Q3, 2020 results on Oct 31, 2020 Announcement • Jul 18
Founder Securities Co., Ltd. to Report First Half, 2020 Results on Aug 29, 2020 Founder Securities Co., Ltd. announced that they will report first half, 2020 results on Aug 29, 2020 
