The risks of securities companies are

First, underwriting risks. Underwriting risk mainly includes the following three aspects: ① Securities companies often spend a lot of time and energy trying to become the lead underwriter of IPO of listed companies. However, due to fierce competition, it is difficult for many securities companies to obtain the qualification of lead underwriter even if they have large investors. (2) Securities companies that become the lead underwriters are still faced with the problem of whether they can realize the underwriting plan, especially in the case of a depressed secondary market, and there is still the possibility that they have to subscribe on their own because of insufficient subscription; (3) In the case of underwriting rights issue, securities companies are likely to buy unsold shares or even make long-term investment in subscribed rights issue, which is the underwriting risk of rights issue.

Second, the risk of self-employment. Like ordinary investors, securities companies engaged in proprietary business in the secondary market are also facing various risks. Due to the misjudgment of the market, the timing of buying and selling stocks is wrong, and the securities portfolio is improper. , may suffer losses.

Third, liquidity risk. Liquidity risk is a common problem faced by financial institutions with high debt level.

Fourth, internal management risks. Its manifestations are various, such as computer system failure, transaction mistakes caused by negligence of business personnel, huge losses caused by insider trading and illegal operation of business personnel, financial fraud in business dealings, major project investment or new business decision-making mistakes, etc.

Fifth, the risk of survival. At present, the assets of small securities companies in China are only tens of millions of yuan, while the registered capital of larger securities companies, such as securities companies, Zhongtai, South China and Huaxia, is about 654.38 billion yuan, which is far from that of developed countries.