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2012 a bad year for brokerages as earnings fall 16.4%
By Ye Zhen |
January 17, 2013, Thursday
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Online Edition
Online Edition
CHINA'S securities houses reported a fall in earnings last year due to a slide in transactions and a drought of new share listings, industry data showed.
The gross profit of China's 114 brokerages declined 16.4 percent in 2012 to 32.9 billion yuan (US$5.3 billion), while their gross operating revenue fell 4.8 percent to 129.5 billion yuan, according to data from the Securities Association of China.
Brokerages' earnings were eroded by weak trading activities in a sluggish stock market, with brokerage income, the primary source of their revenue, slumping 26.8 percent last year to 50.4 billion yuan.
Income from underwriting and sponsorship dropped 26.5 percent year on year to 17.7 billion yuan due to stalled initial public offerings.
China's securities regulator has stepped up effort to revitalize the sector with a number of reforms, including the launch of a refinancing mechanism for margin trading and short selling businesses and expanding the investment scope for brokerages' proprietary business.
Brokerages' income from margin trading and short selling was 5.3 billion yuan in 2012, about 4 percent of the total revenue.
Last year, 99 brokers made a profit, accounting for 86.8 percent of the total, slightly up from 83 percent in 2011.
The gross profit of China's 114 brokerages declined 16.4 percent in 2012 to 32.9 billion yuan (US$5.3 billion), while their gross operating revenue fell 4.8 percent to 129.5 billion yuan, according to data from the Securities Association of China.
Brokerages' earnings were eroded by weak trading activities in a sluggish stock market, with brokerage income, the primary source of their revenue, slumping 26.8 percent last year to 50.4 billion yuan.
Income from underwriting and sponsorship dropped 26.5 percent year on year to 17.7 billion yuan due to stalled initial public offerings.
China's securities regulator has stepped up effort to revitalize the sector with a number of reforms, including the launch of a refinancing mechanism for margin trading and short selling businesses and expanding the investment scope for brokerages' proprietary business.
Brokerages' income from margin trading and short selling was 5.3 billion yuan in 2012, about 4 percent of the total revenue.
Last year, 99 brokers made a profit, accounting for 86.8 percent of the total, slightly up from 83 percent in 2011.
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