NewChina’s Huatai Securities net profit at 1.06 billion yuan in May

Huatai Securities (HTSC), the biggest brokerage company in mainland China by trading volume, announced on Friday that its net profit hit 1.06 billion yuan last month on turnover of 2.36 billion yuan.

The strong monthly performance failed to boost the shares of the brokerage, which just listed in Hong Kong, as shares in HTSC fell 1.91 per cent to HK$25.6 at 10.30 am.

In a filing with the stock exchange, it said its Huatai Asset Management recorded a profit of 54.5 million yuan.

HTSC has just raised HK$34.72 billion from its initial public offering in the city after reporting a surge in revenue and profit for last year due to heavy turnover from a prolonged rally in markets such as shanghai and Shenzhen.

Its original plan was to raise about HK$7.8 billion. The mainland broker offered 1.4 billion shares at HK$24.80 each in the initial share sale.