Beijing-based Huaxia Securities has emerged as China's biggest brokerage in a national ranking of securities houses by turnover and profit.
The company made a pre-tax profit of 138.8 million yuan (about HK$128.8 million) on a turnover of 49.5 billion yuan last year, surpassing all houses on both fronts for the first time.
The ranking, however, shows profits plunged sharply from 1994 because of the generally bearish market, fewer initial public offers and a crackdown on treasury bond futures in May.
When Shanghai International Securities Co (Sisco) came top in 1994, its pre-tax profit was 528 million yuan.
Wu Fuming , research head at Shanghai Haitong Securities, said: 'Last year was a bearish year generally and that was reflected in the less impressive profits.' Although it was the largest A-share trader in a previous ranking, Sisco did not appear in yesterday's grading.
Once China's largest brokerage, it was nearly pulled down by a treasury bond scandal after it incurred debts of about one billion yuan. It is being merged with Shanghai Shenyin Securities.
