Stocks News
- Everbright Securities net profit surges
Date: 10-Apr-2007 Sources: (Shenzhen Daily)
CHINA Everbright Securities earned around 870 million yuan (US$112.7 million) in net profit in the first quarter of the year, more than 10 times that in the same period of 2006, Xinhua said Saturday.
Business income climbed to 1.16 billion yuan, over five times more than in the first quarter of last year, the report said, citing company sources. Over 400 million yuan of this was from the asset management business.
In 2006, its net assets yield was 30.5 percent, Xinhua said.
Everbright Securities is a unit of Hong Kong-listed China Everbright Ltd., a State-controlled financial services group.
It is currently readying for a Shanghai listing and late last year raised 1.2 billion yuan through a private share placement as part of preparations.
The company is expected to achieve its target of listing in 2008, when it will have a profit record for three consecutive years.
Many domestic brokerages moved back into the black last year on surging stock trade commissions, but they still cannot apply for listings in the near future. Chinese rules require listing applicants to have at least a three-year profit record.
So far only a few of the country's some 100 securities companies are listed on the Shanghai and Shenzhen stock exchanges, including CITIC Securities and Hong Yuan Securities.
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