Others News
- Net profits of major Chinese securities firms reach 37.9 bln yuan
Date: 16-Aug-2007 Sources: (People's Daily)
Net profits of China's 24 biggest securities firms reached 37.9 billion yuan in the first half, up 425 percent from the corresponding period last year.
The China Securities Regulatory Commission (CSRC) has divided the country's some 132 securities firms into four classes.
In the top 'innovative' class, firms conducting comprehensive business must have a registered capital of more than 800 million yuan while firms only conducting brokering business must have a registered capital of more than 100 million yuan. Registered capital and business ranges descend with the other four classes.
The 24 firms in the innovative class are allowed to provide innovative products approved by the CSRC.
Twenty-three firms have formally released interim reports, showing total net profits of 36.6 billion yuan while China Jianyin Investment Securities has been reported as making 1.3 billion yuan, according to industry insiders.
The soaring profits were boosted by the capital market, where the total turnover of shares, funds and certificates topped 27.77 trillion during the six months, up 476 percent from the same period last year.
Broker commissions of the 23 firms reached 45.8 billion yuan, accounting for 64 percent of their revenues.
During the period, total assets of the 23 companies added up to 841.5 billion yuan, up 123 percent from the corresponding period last year, while net assets amounted to 110.5 billion yuan, up 56 percent.
The top profit-maker was Citic Securities with net profits of 4.2 billion yuan, followed by Guotai Junan Securities on 3.9 billion yuan and Guangfa Securities on 3.1 billion yuan. (One U.S. dollar equals 7.59 yuan)
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