Citic Securities tops China’s brokerage industry charts, beating peers in assets, revenue and profit
- Beijing-based brokerage’s assets of US$192 billion in 2021 was the highest among the nation’s 117 firms, according to the Securities Association of China
- While Citic Securities’ stock has fallen 19 per cent this year in Shanghai, analysts surveyed by Bloomberg expect it to rise 32 per cent in the next 12 months
Citic Securities was the top ranked Chinese brokerage in 2021, surpassing its rivals in all major metrics including assets and revenue, data from an industry guild showed.
The Beijing-based brokerage had total assets of 1.28 trillion yuan (US$192 billion) at the end of last year, the most among the nation’s 117 firms, the Securities Association of China said. It was followed by Huatai Securities and Guotai Junan Securities, with assets of 806.7 billion yuan and 791.2 billion yuan, respectively. Citic also ranked first in revenue and net profit.
It was the second year that Citic Securities topped the charts compiled by the industry association. The brokerage is a unit of state-owned conglomerate Citic Group, which is also the parent of Hong Kong-listed Citic.
Citic Securities rose 0.7 per cent to 20.11 yuan in Shanghai on Tuesday, paring its loss to 19 per cent this year. Its Hong Kong-traded stock was unchanged at HK$16.90, taking its year-to-date decline to 16 per cent.
The stock’s fall this year mirrors the broader sell-off in the sector, which is a barometer of market sentiment. A gauge of 57 brokerages trading on the mainland’s exchanges has dropped 23 per cent in the span, as the most severe flare-up in Covid-19 infections in more than two years in China has rattled the world’s second-largest stock market.
