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, driven by a surge in overseas profits, according to their latest interim reports. Citic Securities, one of the country's largest brokerages, reported a 45.5% increase in cross-border revenue to 15.86 billion yuan (US$2.4 billion) in the six months to June, outpacing the overall 44.1% growth.
Meanwhile, China International Capital Corporation (CICC) saw a 45% rise in overseas revenue to 9.19 billion yuan, marking a 39.2% increase in overall revenue. These brokerages are also expanding their cross-border deal-making, with Citic Securities completing 44 overseas equity transactions worth US$4.22 billion and handling 96 offshore bond transactions for Chinese issuers.
This aggressive overseas push comes as Beijing aims to build globally competitive investment banks and strengthen the securities industry's cross-border capabilities.
Brief written by urgent.news from SCMP Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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