Profits for brokers already exceed last year's total

(chinadaily.com.cn)
Updated: 2009-08-27 10:40

The net profits of China's securities firms reached 57.8 billion yuan during the first seven months of this year, exceeding the industry's full-year profits of 48.2 billion yuan in 2008, the China Securities Journal reported Wednesday.

The total assets of China's 107 securities firms came to 2.02 trillion yuan as of the end of July, with their net capital totaling 332.2 billion yuan. In 2008, their total assets were only 1.2 trillion yuan, with a net capital of 288.7 billion yuan.

The profit surge came after China's stock market rebounded, as its market value totaled 23.57 trillion yuan ($3.44 trillion) as of the end July, with circulation market value totalled 11.67 trillion yuan. That makes China's stock markets the third largest in the world.

A total of 1,628 companies went public on mainland stock markets as of the end of July, approximately 115 times the number of 1991.