CITIC Securities Co and its subsidiary have topped the list of brokers earning underwriting fees for the first batch of stock listings on the NASDAQ-style growth enterprises board (GEB).
CITIC Securities Co., China's largest listed brokerage, posted a 19.77 percent decline in net profit in the first half of this year on a suspension of initial public offerings and a decrease in fund sales.
Citic Securities, the country's biggest brokerage, said its net profit stood at 2.522 billion yuan (US$360.34 million) in the first quarter, up 101.03 percent year on year, said Monday's Shanghai Securities News.
CITIC Securities Co canceled a proposed US$1-billion investment in Bear Stearns Cos after the Wall Street brokerage was bought by JPMorgan & Chase Co, said the chairman of CITIC's parent company.
CITIC Securities Co said yesterday it had gained a license from the country's stock regulator to invest clients' capital in overseas securities markets under the Qualified Domestic Institutional Investor scheme.