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China brokerages ramp up overseas expansion as offshore profits grow

Citic Securities reported revenue generated outside mainland China rose 45.5% year on year to 15.86 billion yuan for the six months ended June, slightly outpacing its overall revenue growth of 44.1%.

Reported · Written up by our desk · Europe

China’s leading brokerages are accelerating their international push as cross border deals expand and offshore profits rise, according to their latest interim reports. Citic Securities, one of China’s largest brokerages, said revenue generated outside mainland China increased 45.5% year on year to 15.86 billion yuan for the six months ended June, slightly faster than its 44.1% rise in overall revenue. Its international arm, Citic Securities International, generated US$2.32 billion in operating revenue and US$829 million in net profit during the period, up 56% and 114%, respectively. The report also showed Citic’s balance sheet and deal activity expanding. Total assets reached US$91.43 billion, up 60% from a year earlier, while its overseas deal making included 44 overseas equity transactions worth US$4.22 billion, 96 offshore bond transactions for Chinese issuers, and 28 global mergers and acquisitions with a total value of US$22.88 billion.

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