|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||1.9100 - 1.9100|
|52 Week Range||1.6800 - 2.0500|
|Beta (3Y Monthly)||0.18|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.05 (2.67%)|
|1y Target Est||N/A|
Citic Securities’ acquisition of CLSA is another example. The Chinese investment bank recently pressured the Hong Kong brokerage to quit offices owned by Swire, a property group China dislikes. Independent thinking, one of the attributes that attracted Citic to CLSA, must be getting harder there.
China’s largest investment bank ordered a high-profile subsidiary to review its tenancy of premises owned by Swire Group, intensifying pressure on the Hong Kong conglomerate as tensions with Beijing continue to grip Asia’s biggest financial hub. Senior management at state-owned Citic Securities instructed the brokerage CLSA to seek a move from its offices in One Pacific Place, the flagship property in the heart of Hong Kong that bears the Swire name, according to multiple people with direct knowledge of the situation. The order from Citic, which acquired CLSA in 2013, follows pressure on Swire’s other holdings including Cathay Pacific, Hong Kong’s flagship airline.
Stocks in the world's best-performing market of the past month have more room to gain, as China's monetary authorities turn on the tap to inject more liquidity into the economy and financial system, according to a forecast by the country's largest public traded broker.The Shanghai Composite Index may rise by at least another 8 per cent from Monday's close of 3,024.74, which would put it in the position to surpass the year's record set in April, according to Citic Securities' analysts led by Qin Peijing."With the expectations about improvements in policies and corporate earnings, an expansion of valuations will open up more room for an upside on the index," the Citic analysts said in a report on Monday.China's financial markets are cheering, after the People's Bank of China on Friday cut the money that banks must set aside by 50 basis points for all banks - with an additional full percentage point for city commercial lenders - and released an estimated 900 billion yuan (US$126 billion) of funds into the financial system to quench the thirst of highly leveraged borrowers and an economy whose growth pace is expected to slow to the worst annual pace on record.The Shanghai Composite has gained 9 per cent over the past month, making it the best performer among the world's major stock markets, on expectations that the government will roll out more pro-growth policies while the fallout of the US-China trade war has been priced in. The index rose 0.8 per cent at the close on Monday.The liquidity taps are likely to remain loose, with the central bank cutting the rate on medium-term lending facilities " a major funding source for commercial lenders " by between 10 and 15 basis points in the next few weeks, Citic's analysts said. The rate on the medium-term lending facilities is now a key gauge in deciding the loan prime rate in a revamped by the central bank last month.Global fund managers will keep adding their holdings of Chinese shares, with FTSE Russell and S&P; Dow Jones Indices adding the stocks to their benchmark indexes, Citic said.The additional liquidity will also be a salve for the corporate earnings of Chinese companies, whose growth pace may accelerate to 10.4 per cent next year, from 6 per cent this year, Citic said.The year-long US-China trade war is no longer a factor that will significantly affect sentiments going forward, as investors are already getting used to the conflict, the brokerage said.Beijing and Washington DC will return to the negotiating table next month to restart a new round of talks to break the impasse.On top of finance and consumer stocks, Citic Securities recommends buying household appliance makers, carmakers and pharmaceutical retailers, whose earnings are expected to improve in the second half, without naming any specific stock.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
SHANGHAI/BEIJING, Aug 22 (Reuters) - China's biggest brokerage, CITIC Securities Co reported a 15.8% rise in first-half 2019 profit on Thursday, the biggest rise since 2015, on a steady flow of public listings. Net profit for the six months ended June rose to 6.45 billion yuan ($911 million) from 5.57 billion yuan a year ago, largely in line with the preliminary results released in July. Brokers in China have revived since a stock market boom came to a turbulent end in 2015.
China's securities regulator is considering scrapping profitability requirements in mergers and acquisitions (M&A;) for listed companies, as a way to facilitate secondary fundraising as the trade war weighs on Chinese growth and threatens to push the global economy into recession next year.Under consideration is an amendment to remove profitability requirements in M&A; deals involving listed companies, the China Securities Regulatory Commission (CSRC) said in a statement issued on its official website late Thursday.The regulator also invited the public to comment on the proposals unveiled Thursday.The proposed revisions also include easing fundraising restrictions for listed firms as a way to help boost cash flow, as well as support for back-door listings by hi-tech companies on the start-up board ChiNext."We believe, amid the continued loosening of policies, China's onshore M&A; market is to revive after cooling for more than two years. This will help direct financing by companies," analysts at Essence Securities said in a research note on Friday morning.The proposed changes are an institutional improvement that will lead to big benefits for the ChiNext market, Chinese brokerage Citic Securities said."The policy will be a strong sentiment boost to the ChiNext board in the short term," Citic analysts led by Qin Peijing wrote in a report Friday.Bolstered by the easing signal, the ChiNext Index, tracking leading technology companies in Shenzhen, rose 1.7 per cent to close at 1,523.8 on Friday.The CSRC tightened M&A; and restructuring rules in 2016, as a way to curb stock speculation following the equity market crash in the summer of 2015. After the policy revision, listed companies needed to pass comprehensive scrutiny to get regulatory approval for restructuring. These included requirements on total assets, net assets, revenue and profit.The authority also tightened approval for fundraising related to restructuring after 2016. As a result, the CSRC approved 267 secondary share placements in the year of 2018, sharply down from 813 in 2016 and 540 in 2017, according to financial data from Wind.With additional reporting by Yuijing Liu.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
May 8 (Reuters) - CITIC Securities Co Ltd : * SAYS APRIL NET PROFIT AT 526.4 MILLION YUAN ($77.72 million) Source text in Chinese: http://bit.ly/2YgCj9o Further company coverage: ($1 = 6.7731 Chinese yuan ...
SINGAPORE/BEIJING, April 29 (Reuters) - China's biggest brokerage, CITIC Securities Co Ltd , reported a 58 percent rise in first-quarter profit on Monday, as investment returns surged on the back of a rally in Chinese stock markets. CITIC said its net profit for January through March rose to 4.26 billion yuan ($633 million) from 2.69 billion yuan a year earlier.
April 29 (Reuters) - CITIC Securities Co Ltd: * CITIC SECURITIES CO -OBTAINED BUSINESS QUALIFICATION AS LEAD MARKET MAKER OF FUNDS LISTED ON SHANGHAI STOCK EXCHANGE WITH EFFECT FROM 26 APRIL 2019 Source ...
Asia-focused broker CLSA has appointed Rick Gould as chief executive, replacing company veteran Jonathan Slone who resigned in March amid differences over strategy with the broker's state-backed Chinese parent CITIC Securities (CITIC). Gould, currently chief executive of CLSA Americas, will take on his new role with immediate effect, the company said in a statement on Tuesday. "[Gould's] experience in building high-performing teams and in growing international businesses will be critical to accelerate our strategy to build a leading Chinese global investment bank," said CLSA Chairman Youjun Zhang in the statement.
April 9 (Reuters) - Citic Securities Co Ltd : * SAYS MARCH NET PROFIT AT 1.4 BILLION YUAN ($208.57 million) Source text in Chinese: https://bit.ly/2WXeX82 Further company coverage: ($1 = 6.7125 Chinese ...
April 8 (Reuters) - CITIC Securities Co Ltd: * GE XIAOBO TENDERED HIS RESIGNATION AS CHIEF FINANCIAL OFFICER * LI JIONG SHALL FORMALLY SERVE AS CHIEF FINANCIAL OFFICER Source text for Eikon: Further company ...
SINGAPORE/Hong Kong, March 21 (Reuters) - CITIC Securities Co Ltd, China's biggest brokerage by market value, reported an 18 percent fall in 2018 net profit on Thursday amid a weak domestic stock market. Its net profit for the year dropped to 9.4 billion yuan ($1.41 billion) from 11.4 billion yuan a year earlier, the company said in a stock exchange filing, and was in line with preliminary results released in January. China's 131 brokerages earned 66.6 billion yuan in net profit in 2018, 41 percent lower than they did a year earlier, while their revenue fell 14 percent, according to a Reuters calculation based on data from the Securities Association of China.
March 21 (Reuters) - Citic Securities Co Ltd : * SAYS 2018 NET PROFIT DOWN 17.9 PERCENT Y/Y Source text in Chinese: https://bit.ly/2TNVTMo Further company coverage: (Reporting by Hong Kong newsroom)
The chief executive of brokerage CLSA has resigned with more management change likely amid differences over strategy with Chinese parent CITIC Securities Co Ltd (CITIC), people with direct knowledge of the matter said. Jonathan Slone's departure comes just two weeks after CLSA Chairman Tang Zhenyi resigned from the Asia-focused broker, bought by state-backed CITIC in 2013.
CLSA Ltd. once earned that proud moniker from its former chief executive officer, Jonathan Slone, for its nonconformist research ideas. After a decade as CEO and 30 years at the brokerage, Slone this week became the latest and the most high-profile departure, closely following former Chairman Tang Zhenyi. You can rightly blame the broader challenges facing the research industry, or a culture clash between a largely Western-run house and its Chinese state-owned parent, Citic Securities Co. But ultimately the mass exodus from what was once one of Asia’s top brokerages comes down to its mission: How do you publish independent analysis when your ultimate owner is a government with a tightening grip on your message?
HONG KONG, March 20 (Reuters) - The chief executive of CLSA, the offshore platform of Chinese investment bank CITIC Securities Co Ltd, has resigned, a spokeswoman for the firm said on Wednesday. Jonathan ...