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(Agencies/China Daily)
Updated: 2008-01-11 09:29

Haitong Securities Co, China's second largest publicly traded brokerage, said profit increased eightfold last year as it traded more stocks and mutual fund units for clients.

Net income rose to more than 5 billion yuan ($687.8 million) from 650.4 million yuan in 2006, said Sun Tao, the firm's head of investor relations, in Shanghai.

China's brokerages were among the biggest beneficiaries as the benchmark CSI 300 Index almost tripled last year. Earnings growth may slow in 2008 after stocks retreated from an October record, putting pressure on Haitong and rivals including CITIC Securities Co to reduce their dependence on equities trading.

"China's brokerages traditionally rely on stock trading commissions to earn profits, and that situation hasn't changed yet for the industry as a whole," said Sun Jian, a Shanghai-based analyst at Shenyin & Wanguo Securities Co. "If the bull market turns and trading volume drops, their earnings will be hurt."

Haitong Securities rose 1.2 percent to 57.05 yuan at the 3 pm close of Shanghai trading.

Chinese brokerages earned a combined 138.2 billion yuan trading stocks, mutual funds and options in 2007, the Shanghai Securities News reported on Wednesday. That compares with a 7.8 billion yuan overall loss when the stock market reached an eight-year low in 2005.

Haitong won approval to become publicly traded on June 8 after buying Shanghai Urban Agro-Business Co. The process, known as a backdoor listing, enabled it to get around a requirement for three straight years of profits before selling shares publicly.

Profit surged more than 32 times compared with Shanghai Urban's 2006 net income of 162 million yuan, yesterday's statement said.

Haitong's shares have gained 21 percent since its listing, making it the world's ninth biggest securities company by market capitalization, valued at $32.9 billion. CITIC Securities, the country's biggest publicly traded brokerage, tripled last year in Shanghai trading.

Beijing-based CITIC Securities on Monday said 2007 profit probably surged more than 400 percent from 2.4 billion yuan in 2006.

Haitong lags behind its bigger rival in adding revenue sources. CITIC is expanding into private equity investments after winning regulatory approval in September to buy stakes of closely held companies.