China Merchants Securities Co., Ltd. operates wealth management and institutional, investment banking, investment management, investment, and trading businesses in the People's Republic of China. Its segments include wealth management and institutional business, investment banking, investment management, and other. The company trades stocks and futures contracts, provides margin financing and securities lending, and sells financial and other wealth management products. It also offers institutional clients investment banking services such as financial advisory, equity and debt underwriting, and sponsorship, along with asset management, investing advisory, deal execution, and private equity investment management, and trades equity and fixed-income securities, derivatives, and other financial products, offering market maker and alternative investment services. Founded in 1991, it is based in Shenzhen, the People's Republic of China.
China Merchants Securities appoints Liu Bo as president; he steps down as vice president
China Merchants Securities announced on September 30 that its board of directors approved a proposal that day to appoint Liu Bo as company president, with a term starting September 30 and ending when the company's eighth board of directors completes its term. Liu Bo ceased serving as vice president from the same day. Born in November 1976, Liu Bo has served as president of China Merchants Securities since September 2026, and has concurrently served as chairman of China Merchants Securities International Company Limited since March 2025. He was vice president of China Merchants Securities from November 2024 to September 2026. From July 1999 to October 2024, he worked at China Merchants Bank, holding positions in the Chongqing branch's planning and credit department, the head office's statistics and information center, planning and finance department, asset and liability management department, Shenzhen branch, head office asset custody department, and Wuhan branch, among others. Liu Bo received a bachelor's degree in economics with a major in statistics from Southwestern University of Finance and Economics in July 1999, and a master's degree in business administration from Shanghai University of Finance and Economics in September 2008. He holds a postgraduate education and the title of senior economist, and previously served as a deputy to the 14th Hubei Provincial People's Congress.
China Merchants Securities reports first-half 2026 net profit of 10.624 billion yuan, up 104.87% year on year
China Merchants Securities released its first-half 2026 report, with total operating revenue of 21.902 billion yuan, an increase of 11.381 billion yuan from the same period last year, up 108.19% year on year. Net profit attributable to the parent company was 10.624 billion yuan, an increase of 5.438 billion yuan from the same period last year, up 104.87% year on year. Net cash inflow from operating activities was 63.738 billion yuan, an increase of 67.963 billion yuan from the same period last year. The company's latest asset-liability ratio was 83.38%, return on equity was 7.34%, and diluted earnings per share was 1.19 yuan.
CXMT IPO to net six Chinese financial firms at least $41 million in fees
Six Chinese financial firms involved in the $8.6 billion initial public offering of China's largest memory chip maker, ChangXin Memory Technologies, are set to earn at least $41 million in fees, according to CXMT's filings. The fee rate is 0.48% of the IPO proceeds, significantly below the average fee rate of 4.52% for IPOs on China's yuan-denominated stock market so far in 2026. If CXMT raises $8.6 billion, it would be the largest IPO on China's yuan-denominated stock market, surpassing Semiconductor Manufacturing International Corporation's listing in 2020. The IPO is being led by China Securities and CICC, with other participants including China Merchants Securities, Guotai HaiTong Securities, Guoyuan Securities, and Huatai United Securities, a subsidiary of Huatai Securities.
601066.CG · Capital · Positive China Securities is the lead underwriter for the CXMT IPO and will earn significant fees.
601995.CG · Capital · Positive CICC is a lead underwriter for the CXMT IPO and will earn significant fees.
000728.CS · Capital · Positive Guoyuan Securities is a participant in the CXMT IPO and will earn underwriting fees.
600999.CG · Capital · Positive China Merchants Securities is a participant in the CXMT IPO and will earn underwriting fees.
601211.CG · Capital · Positive Guotai Junan Securities (via Guotai HaiTong Securities) is a participant in the CXMT IPO and will earn fees.
601688.CG · Capital · Positive Huatai United Securities, a subsidiary, is one of the six financial firms earning at least $41 million in fees from CXMT's IPO.
Broker bond issuance tops 1.35 trillion yuan this year, doubling year-on-year, as leading players seize M&A capital advantage
As of July 15, 73 securities firms have issued a combined total of more than 1.35 trillion yuan in onshore bonds since the start of 2026, a year-on-year increase of over 96%. Recently, a number of listed brokers including China Merchants Securities, GF Securities, Guolian Minsheng, Soochow Securities, and Zhongtai Securities have received intensive approvals from the China Securities Regulatory Commission to issue large corporate bonds, while Shenwan Hongyuan obtained registration approval for perpetual subordinated bonds in July. In a low interest rate environment, enthusiasm for broker bond subscriptions is running high. Taking China Galaxy Securities as an example, the first tranche of its fifth corporate bond issue carried a coupon rate of 1.60% with a subscription multiple of 3.8722 times, while the second tranche had a coupon rate of 1.67% and a subscription multiple of 3.165 times. At the same time, the credit ratings of bonds issued by several brokers, including Northeast Securities, Great Wall Securities, Huaan Securities, and Zheshang Securities, have been upgraded from AA+ to AAA. Fitch also raised the long-term issuer default ratings of CICC and CICC International from BBB+ to A-. Analysts point out that this surge in bond issuance is not only about capital replenishment, but also serves as strategic capital support amid a wave of mergers and acquisitions. Leading institutions are using bond financing to pre-position M&A capital in advance, forming a chain of integration, bond issuance, and further expansion, while small and medium-sized brokers face increasing pressure from financing difficulties.
Guotai Haitong Lists 15 Properties for Over 50 Million Yuan as Brokerages Accelerate Property Sales
Guotai Haitong Securities has listed 15 properties for transfer on the Shanghai United Assets and Equity Exchange, with a total listing price exceeding 50 million yuan. These properties are located in Beijing, Shanghai, Guangdong, Ningbo, and other areas, with several listings set to expire tomorrow. Between April and May this year, Guotai Haitong successively listed 19 property rights for transfer, with a combined listing price of 103 million yuan, and it is possible that some have already entered the transaction phase. Since the beginning of this year, multiple brokerages including Central China Securities, China Merchants Securities, and Hongta Securities have collectively disposed of properties worth hundreds of millions of yuan, signaling a clear industry shift from extensive expansion to refined operations. Industry insiders note that some older properties suffer from poor liquidity and require price reductions to complete transactions, and that brokerages are taking these steps to revitalize idle assets, optimize capital structures, and enhance capital efficiency.
600999.CG · Capital · Neutral Mentioned as one of several brokerages disposing properties to optimize capital structure, but no specific details on its own sales.
601236.CG · Capital · Neutral Mentioned as one of several brokerages disposing properties to optimize capital structure, but no specific details on its own sales.
601375.CG · Capital · Neutral Mentioned as one of several brokerages disposing properties to optimize capital structure, but no specific details on its own sales.
20 Listed Brokers Report Positive First-Half Earnings Forecasts, CITIC Securities Leads with Net Profit Exceeding 23.3 Billion Yuan
As of July 15, 21 listed brokers have released their 2026 first-half performance forecasts, with 20 reporting positive results. CITIC Securities expects its net profit attributable to shareholders of the parent company to be at least approximately 23.343 billion yuan, continuing to lead listed brokers. Guotai Haitong follows closely, with an estimated net profit of 20.003 billion to 20.511 billion yuan. Huatai Securities, GF Securities, and China Merchants Securities all anticipate net profit floors exceeding 10 billion yuan, at approximately 11.324 billion, 11 billion, and 10 billion yuan respectively. In terms of growth, Tianfeng Securities expects its net profit to increase by 429.03 percent year-on-year, ranking first among brokers that have disclosed forecasts. Additionally, Xiangcai Co., Ltd., Huachuang Yunxin, Zhongtai Securities, and Huaan Securities expect their net profits to double year-on-year. The industry as a whole is improving, with A-share trading volume in the first half of 2026 rising 95 percent year-on-year, and revenue from brokerage, proprietary trading, and other businesses expected to grow significantly.
China Merchants Securities Approved to Issue Corporate Bonds of Up to 70 Billion Yuan
China Merchants Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a total face value of up to 70 billion yuan to professional investors. The approval is valid for 24 months from the date of registration, and the company may issue the bonds in tranches within the effective period.
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