中文摘要：

在 2003 年 1 月 6 日， CITIC 证券有限公司 CITICS 此后在上海股票交易所发出了 A 份额变得第一公众在中国通过 IPO 列出了证券同伴。CITICS 网资本升起了到大约 50 亿元，比任何另外的竞争者高得多。这个教学盒子试图表明一个公司怎么作为是第一个公司在工业上市获得第一行动的优点，它的竞争者怎么由在 IPO 以后改变他们的策略反应，并且因而，一系列相关事件怎么影响比赛。这个盒子为在中国理解一个证券公司的竞争动力学提供重要含意。

英文摘要：

On January 6, 2003, CITIC Securities Co., Ltd. （CITICS hereafter） issued A-shares in the Shanghai Stock Exchange to become the first public listed securities company through IPO in China. CITICS＇s net capital rose to about 5 billion yuan, much higher than any other competitor. This teaching case aims to demonstrate how a company gains first-mover advantage as being the first company to go public in an industry, how its competitors respond by changing their strategies after the IPO, and consequently, how a series of relevant events influence the competition. This case offers important implications for understanding the competitive dynamics of a securities company in China.