{
  "id": 13732913,
  "title": "Chinese brokers work to crack the final code: win clients on global stage",
  "url": "https://urgent.news/2026/10/11/chinese-brokers-work-to-crack-the-final-code-win-clients-on-global",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-11T14:00:07.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/markets/article/3370375/chinese-brokers-work-crack-final-code-win-clients-global-stage"
  },
  "original_language": "en",
  "account": "Chinese investment banks have been working diligently to establish themselves as global competitors, aiming to become a force in the international financial landscape. This shift in strategy was first acknowledged by President Xi Jinping at the Central Financial Work Conference in 2023, where he emphasized the importance of cultivating top-tier investment institutions as part of China's goal to become a financial superpower with unique characteristics.\n\nCurrently, China operates the world's second-largest capital market, trailing only the United States. Direct financing through stocks and bonds surpassed bank lending in 2025, marking a significant milestone for securities firms. This surge in growth is attributed to the expansion of Hong Kong's role in China's capital markets and the aggressive overseas investments by mainland companies.\n\nDespite a relatively short history, China's capital markets have evolved significantly. When China International Capital Corporation (CICC) was established in 1995 as the country's first Sino-foreign joint-venture investment bank, its primary focus was on global expansion. To acquire the necessary expertise, CICC executives participated in study visits to New York and London, learning from Western financial market operations. Notably, Morgan Stanley, one of CICC's venture shareholders, provided crash course training to help Chinese officials take companies public, as seen during China Mobile's Hong Kong and New York listing in 1997, which raised US$4.2 billion.\n\nOver time, Chinese securities firms have gone beyond simply understanding international investment banking mechanics to building the networks and capabilities required to compete overseas. Citic Securities, for instance, expanded its reach in 2013 by acquiring brokerage CLSA from Credit Agricole, gaining access to a well-established research, sales, and trading platform spanning major global financial centers. Today, Chinese investment banks are viewed as \"at least on an equal footing\" with their Western rivals in many aspects of Hong Kong's initial public offering (IPO) market, with some leading in specific areas.\n\nBeijing's renewed push for global champions has been accompanied by substantial capital inflows. At least nine mainland Chinese securities firms have announced or completed plans to inject a combined 51.7 billion yuan (US$7.7 billion) into their Hong Kong operations by the end of August, according to calculations by the South China Morning Post. Citic Securities, for example, raised 16 billion yuan to bolster its international business, while Guotai Haitong Securities and Huatai Securities announced plans to inject 9 billion yuan each.",
  "summary": "China’s investment banks spent decades trying to emulate Goldman Sachs, the Wall Street powerhouse that became a benchmark for the country’s financial ambitions and whose alumni included senior US policymakers like former Treasury secretary Henry Paulson. Today, Beijing’s goal has evolved beyond building a Chinese version of Goldman. At the Central Financial Work Conference in 2023, President Xi…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "CNBC",
        "title": "This Chinese memory chip maker has global potential and is poised to outperform",
        "url": "https://urgent.news/2026/10/11/this-chinese-memory-chip-maker-has-global-potential-and-is-poised-to",
        "published": "2026-10-11T11:39:38.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}