Robust stock market boosts brokerage's net
By Winny Wang |
March 24, 2010, Wednesday
|
Print Edition
Print Edition
CHINA Everbright Securities Co more than doubled its net profit last year as its brokerage business boomed amid a robust stock market.
Profit at the Shanghai-based broker soared 106.7 percent from a year earlier to 2.83 billion yuan (US$414 million), or 0.83 yuan each, and its revenue gained 58.5 percent to 5.59 billion yuan, it said in a statement to the Shanghai Stock Exchange late Monday.
"Its earnings per share beat our estimates of 0.77 yuan because its cost ratio of 31.08 percent was lower than our expectations of 35 percent," said Li Weiqi, an analyst at Sinolink Securities Co.
The China Securities Regulatory Commission, the stock regulator, has given the green light to the first batch of six brokerages, including Everbright, to take part in a trial run for margin trading and short selling. The other five brokerages are Citic Securities Co, GF Securities Co, Haitong Securities Co, Guotai Jun'an Securities and Guosen Securities.
Everbright launched an initial public offering in August last year to raise 10.96 billion yuan, the first IPO by a Chinese brokerage since the end of 2002.
Profit at the Shanghai-based broker soared 106.7 percent from a year earlier to 2.83 billion yuan (US$414 million), or 0.83 yuan each, and its revenue gained 58.5 percent to 5.59 billion yuan, it said in a statement to the Shanghai Stock Exchange late Monday.
"Its earnings per share beat our estimates of 0.77 yuan because its cost ratio of 31.08 percent was lower than our expectations of 35 percent," said Li Weiqi, an analyst at Sinolink Securities Co.
The China Securities Regulatory Commission, the stock regulator, has given the green light to the first batch of six brokerages, including Everbright, to take part in a trial run for margin trading and short selling. The other five brokerages are Citic Securities Co, GF Securities Co, Haitong Securities Co, Guotai Jun'an Securities and Guosen Securities.
Everbright launched an initial public offering in August last year to raise 10.96 billion yuan, the first IPO by a Chinese brokerage since the end of 2002.
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