Brokerage firm set for listing
1 November 2002
Citic Securities, a unit of China's largest trust company China International Trust and Investment Corp, was due to launch its initial public offering in October, having received approval from the China Securities Regulatory Commission to seek a listing, Reuters reported. This would be the first listing by a brokerage in China - the only listed brokerage, Hongyan Securities, was created in the restructuring of a trust company.
The Shenzhen-based Citic Securities is China's fifth largest brokerage by assets and had gross profits of Yn824m in 2001, ranking second among domestic brokerages after Shanghai-based Haitong Securities.