[NH증권 亞 리포트]① 홍콩법인 수익 2배 급증에도 남은 질문들

NH Investment & Securities' Hong Kong subsidiary has nearly doubled its revenue in a year, driven primarily by explosive growth in self-dealing and trading operations. However, this rapid expansion raises concerns as the company's debt has grown faster than its assets, lowering its asset-liability ratio from 455.6% to 369.6%, while over half of its assets are now in mark-to-market financial instruments vulnerable to market volatility. This heavy reliance on short-term foreign currency borrowing to fund expansion poses significant risk if interest rates rise or market conditions deteriorate.