First Shanghai
First Shanghai Securities is a Hong Kong broker and a subsidiary of HKEX-listed First Shanghai Investments. Its research department publishes Chinese-language ratings on Hong Kong, mainland Chinese and US-listed stocks, including large US technology companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 212M
- Actions
- 212M
- Ratings / Price targets
- 2 / 0
- Upgrades / Downgrades
- 1 / 0
- Initiations
- 1
- Buy-rated
- 50%of 2 rated
- On record
- Nov 2019 – Aug 2026
Overview
The research department issues company reports and the daily New Force (新力量) digest covering Hong Kong and mainland Chinese stocks and US-listed names such as Amazon and Broadcom. Reports are not for distribution in the United States, Canada or Japan.
The parent was incorporated in Hong Kong in 1964 as Wei Woo Company, listed on the Hong Kong Stock Exchange in 1972, traded as Public International Investments from 1973 and adopted the First Shanghai name in 1993. First Shanghai Securities was set up in Hong Kong in 1993 and expanded from brokerage into placement and underwriting, margin financing, IPO services, research, bonds, funds and investment advisory. The wider group also runs corporate finance, asset management, wealth management and property businesses.
Milestones
- 1964
Parent company incorporated in Hong Kong
- 1972
Parent listed on Hong Kong Stock Exchange
- 1973
Parent renamed Public International Investments
- 1993
Parent renamed First Shanghai Investments
First Shanghai Securities established in Hong Kong
Firm facts
- Legal name
- First Shanghai Securities Limited
- Type
- Boutique
- Founded
- 1993
- Headquarters
- Hong Kong, China
- Parent
- First Shanghai Investments Limited
- Listing
- HKEX: 0227
- Website
- mystockhk.com
Research philosophy
As investors, what matters is to stay clear-headed and humble in a bubble, and to stay optimistic and confident after it bursts.
In its December 2021 U.S. equity strategy report, First Shanghai described the U.S. market as broadly efficient and difficult to time. It argued that outperforming broad indices requires in-depth research and a margin of safety in valuations. The report favored strong individual companies over buying entire popular sectors, emphasizing long-term fundamentals while remaining attentive to market conditions.
Rating methodology
Reports carry ratings such as Buy and Hold with 12-month target prices.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Advanced Micro Devices, Inc.AMD | Outperform | — |
 Lyft, Inc.LYFT | Underperform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Aug 28 | Advanced Micro Devices, Inc.AMD | Upgrade | Outperform |
| Jun 18 | Lyft, Inc.LYFT | Initiate | Underperform |
| Nov 29, 2019 |  Intuitive Surgical, Inc.ISRG | Reiterate | Buy |