Chinese Stock Brokerages Reports Strong 2023 Profits Despite Market Slump

What’s new: Despite China’s stock market rout, most of the listed stock brokerages reported increased earnings last year, boosted by investment gains and growth in investment banking business.

Among the 21 listed brokerages that have posted results or estimates for 2023, 17 companies said their profits increased from the previous year.

Seven reported that their profits at least doubled from 2022. Kunming-based Hongta Securities Co. Ltd. said its profit surged over sixfold, citing increased long-term asset allocation and more diversified investment income that boosted its interest income and investment income beyond 2022.