Brokers post 16.4% decline in earnings
By Verain Ye |
January 18, 2013, Friday
|
Print Edition
Print Edition
THE earnings of stock brokerages in China tumbled by an annual 16.4 percent last year due to a dwindling trading volume and a drought of new share listings, according to industry data.
The combined net profit of China's 114 brokerages fell to 32.9 billion yuan (US$5.3 billion) in 2012, while their gross operating revenue shed 4.8 percent year on year to 129.5 billion yuan, data from the Securities Association of China showed.
The brokerages' earnings had been eroded by weak trading activity amid a sluggish stock market, with broking income, the primary source of their revenue, falling 26.8 percent from a year earlier to 50.4 billion yuan.
Income from underwriting and sponsorship dropped 26.5 percent year on year to 17.7 billion yuan because the initial public offering market stalled last year.
Their income from margin trading and short selling was 5.3 billion yuan in 2012, taking up 4 percent of the total revenue.
China's securities regulator has unveiled several reforms, including launching a refinancing mechanism for margin trading and short selling as well as widening the investment scope for brokers' proprietary business.
The combined net profit of China's 114 brokerages fell to 32.9 billion yuan (US$5.3 billion) in 2012, while their gross operating revenue shed 4.8 percent year on year to 129.5 billion yuan, data from the Securities Association of China showed.
The brokerages' earnings had been eroded by weak trading activity amid a sluggish stock market, with broking income, the primary source of their revenue, falling 26.8 percent from a year earlier to 50.4 billion yuan.
Income from underwriting and sponsorship dropped 26.5 percent year on year to 17.7 billion yuan because the initial public offering market stalled last year.
Their income from margin trading and short selling was 5.3 billion yuan in 2012, taking up 4 percent of the total revenue.
China's securities regulator has unveiled several reforms, including launching a refinancing mechanism for margin trading and short selling as well as widening the investment scope for brokers' proprietary business.
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