Profits at China’s biggest brokers from Citic to Haitong are shaved by dwindling trades

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The weak results underscores how the yearlong slump in China’s capital market is translating into crimped earnings for the entire 12 trillion yuan (US$1.69 trillion) brokerage industry.

Galaxy is one of the few brokers that defied the industry downturn by reporting a 44 per cent surge in revenue from the investment banking segment.

The state-backed firm arranged four IPOs worth 5.07 billion yuan in the first half, a steep decline from 22 such deals worth 33.1 billion yuan in the same period last year, the report said.

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Article Details

Author / Journalist: Zhang Shidong

Category: Business

Markets: Hong KongChina

Topics: Yuan Year First Securities Industry Market China’s Billion Revenue Cent Stock

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-30 @ 14:45:13 (1 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 655 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22305616

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