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CITIC Securities becomes No 1 underwriter in 2008

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-03-04 13:25

In 2008 CITIC Securities Co topped the list of 107 securities companies and became No 1 underwriter, according to the Securities Association of China.

Related readings:  Chinese brokers' profits decline in 2008  CITIC Securities reports H1 net profit up 13.3%  Finance: Securities firms' brokerage business soars in Feb  China approves 1st domestic brokerage IPO in 5 years

CITIC Securities underwrote 111.93 billion yuan ($16.36 billion) in stocks and bonds, accounting for 17.6 percent of the total underwriting amount of this sector, while 2007 champion China International Capital Corporation (CICC) has assumed the role of the runner-up, reaching 10.3 percent market share. Due to a sluggish capital market, the two companies' underwriting business in 2008 dropped about 17 percent and 55 percent respectively year-on-year.

Guotai Jun'an Securities, Galaxy Securities and BOC International are also among the top five brokers in the underwriting sector. Together with CITIC and CICC, they occupied more than 50 percent of the market share.

In the brokerage sector, Galaxy Securities topped the list with over 3 trillion yuan transaction amount on stock funds, occupying 6.2 percent market share in the industry. In this sector the runner-ups are Guotai Jun'an Securities, Guoxin Securities, Haitong Securities and Guangfa Securities.