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Chinese brokerages see surging profits in 2015

Xinhua, January 24, 2016 Adjust font size:

Chinese brokerage firms posted big profits in 2015 boosted by easing measures from policymakers, according to the Securities Association of China (SAC).

Combined net profits of 125 brokerage firms totaled 244.76 billion yuan (36.97 billion U.S. dollars) in 2015, said the SAC.

In 2014, the combined net profits of 120 brokerage firms stood at 96.55 billion yuan, SAC data showed.

The aggregate revenues of 125 brokerages hit 575.16 billion yuan in 2015, compared with 260.28 billion yuan posted by 120 brokerages in 2014.

The benchmark Shanghai Composite Index gained 9.4 percent in 2015 despite wild fluctuations in the summer.

A round of bullish performance started in August 2014, fueled by excessive leverage. By the time of the sudden collapse in mid-June, the Shanghai index had risen over 150 percent since August 2014.

But it started to nosedive steeply, and repeatedly, after it hit 5,178.19 points on June 15, plummeting by 43.5 percent from the June peak to 2,927.29 points on August 26, the lowest level during the market rout. Endit