Guotai Junan net profit surges on transaction
Print Edition
THE net profit of Guotai Junan Securities, China’s third-largest stock brokerage by assets, surged 348.2 percent in the first half of the year to 9.6 billion yuan (US$1.5 billion).
The company attributed the growth to a 544 percent jump in stock market transaction volume in the Shanghai and Shenzhen bourses during the period as well as its improved service, it said in a report to the Shanghai Stock Exchange.
It said business income climbed 272.2 percent from one year earlier to 22.3 billion yuan during the January-June period. Its shares gained 1.2 percent to 28.70 yuan yesterday.
On June 26, the company’s shares soared 44 percent, the maximum allowed on a new stock’s first trading day, in its Shanghai debut after the company raised more than 30 billion yuan, the largest domestic initial public offering in five years, despite a falling market.
Before China’s market went into free fall on June 12, the key Shanghai stock index had risen by 152 percent since July 2014.
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