China’s top brokerages step up global push as overseas profits surge
China’s leading brokerages are accelerating their push overseas, pouring billions of yuan into their international arms as cross-border deals expand and profits from overseas operations grow, according to their latest interim reports. Citic Securities, one of China’s largest brokerages, saw revenue generated outside mainland China rise 45.5 per cent, year on year, to 15.86 billion yuan (US$2.4…
China's leading brokerages are intensifying their global expansion efforts, with revenue from overseas operations surging by double digits. Citic Securities, a major player in the sector, reported a 45.5% increase in cross-border revenue to 15.86 billion yuan in the six months ending June, while its international arm, Citic Securities International, posted a 56% and 114% rise in operating revenue and net profit, respectively.
Similarly, China International Capital Corporation (CICC) saw a 45% year-on-year increase in overseas revenue to 9.19 billion yuan, with 35% of its total revenue coming from abroad. The push for global expansion is part of China's broader strategy to bolster its investment banking sector and improve cross-border capabilities, as outlined by the China Securities Regulatory Commission.
Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
