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Caitong Securities sees growing net profits amid gloomy stock markets

2019-01-10 10:17

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China's Caitong Securities reported 66.65 million yuan (9.75 million U.S. dollars) in net profits in December on Tuesday, up 141.25 percent from the previous month.

Three listed securities companies had unveiled their monthly earnings reports as of Tuesday night, and one of them showed increased profits while others revealed sharp slides of over 40 percent in their net earnings in December.

Securities companies are most likely to have been affected by the turbulent stock market in the past year. However, analysts believed they would also benefit from the government's ramping up of its efforts to push forward with the launch and development of the new Science and Technology Board. 

The monthly earnings report of Caitong Securities showed that the operating income of the company amounted to 220 million yuan (32.18 million U.S. dollars), up by 140.32 percent from the previous month.

The facts are, companies are seeking to shift their businesses to wealth management services as the stock markets are performing less favorably. Two of China's top securities companies changed their brokerage department to a wealth management department at the end of the year.

Caitong Securities also forged a strategic partnership with Ant Financial in the wealth management business. The two sides pledged to integrate finance and technology.

Under the current strengthening of the government's rules, top securities companies could innovate their derivatives and cross-border businesses, as mentioned in the report from the Guotai Junan Securities.
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