Accelerate globalization strategy; listed securities firms perform well in international business

With China’s capital markets steadily opening up to the outside world, combined with increased activity in the Hong Kong stock market, the securities industry is stepping up its international expansion, to better serve the opening of the markets. The 2025 annual reports show that several listed securities firms have delivered impressive performance in their international businesses, with both operating revenue and net profit registering clear growth, becoming a new driver of overall corporate performance growth.

In the view of industry insiders, the importance of international business in securities-firm development is becoming increasingly prominent, and it has emerged as one of the key factors for securities firms to break through. Securities firms are continuing to push forward high-quality development in cross-border investment banking, wealth management, and other businesses, to better serve Chinese investment and “investing in China.”

International business development is on an upward trend

Based on the 2025 annual reports of multiple listed securities firms, many firms’ international business development shows an upward trend, especially among leading firms, whose operating revenue and net profit both grow significantly.

CITIC Securities International continues to maintain an industry-leading position. In 2025, its subsidiary CITIC Securities International achieved operating revenue of RMB 23.487 billion (translated at the exchange rate as of December 31, 2025; the same applies below), up 47.69% year over year; it recorded net profit of RMB 6.419 billion, up 72.16% year over year.

Looking at various sub-segments, CITIC Securities also has multiple figures in the lead. As described, the company’s capabilities for cross-border capital operation services in its investment banking business have continued to improve. In Hong Kong IPO sponsor ranking by underwriting/promotion scale, it ranked second in the market; in ranking by underwriting scale for off-shore bonds of Chinese mainland entities, it ranked first in the market. It completed global M&A transactions involving Chinese mainland enterprises, ranking first in the market, and also completed multiple IPOs, placements, and cross-border M&A transactions in markets including Southeast Asia and Europe.

CICC’s subsidiary CICC International also achieved operating revenue exceeding RMB 10 billion in 2025, at RMB 13.736 billion, and net profit of RMB 4.593 billion. The year-over-year growth rates were 41.48% and 78.02%, respectively.

Guotai Huarong and Huatai Securities’ international businesses are in the “second tier” within the industry. In 2025, Guotai Huarong Financial Holdings, a subsidiary under Guotai Huarong, achieved operating revenue of RMB 9.25 billion and net profit of RMB 2.376 billion. In 2025, Huatai Securities’ international business revenue was RMB 5.918 billion, accounting for 16.53% of total revenue. The company said this was mainly because last year’s disposal of a subsidiary generated one-off profit and loss that raised the comparable base; if the relevant impacts are excluded, international business revenue grew 23.82% year over year.

There are also a number of securities firms whose international businesses are closely catching up. In 2025, Galaxy International Holdings, a subsidiary of China Galaxy Securities, achieved operating revenue of RMB 2.569 billion and net profit of RMB 0.53 billion; Guangfa Securities’ subsidiary in Hong Kong, Guangfa Holdings, achieved operating revenue of RMB 2.102 billion and net profit of RMB 1.132 billion in 2025.

In 2025, CCTGC’s subsidiary CCTGC International achieved operating revenue of RMB 1.492 billion and net profit of RMB 0.891 billion. A member of the executive committee of CCTGC Securities, and Chairman of CCTGC International, Wu Chao, revealed in an earnings briefing that in 2025, CCTGC International’s operating revenue grew 103% year over year and net profit grew 177% year over year, with operating performance reaching a historical high. Meanwhile, the company increased its capital by HKD 1.5 billion to CCTGC International, raising its registered capital from HKD 4.0 billion to HKD 5.5 billion, injecting strong momentum into its future development.

Deeply advancing the internationalization strategy

Worth noting is that CCTGC Securities is not the only securities firm that has increased capital for an overseas subsidiary. Since 2025, multiple securities firms—including Guangfa Securities, Soochow Securities, Shanxi Securities, Dongxing Securities, Hua’an Securities, and others—have announced progress on capital increases for overseas subsidiaries, and ramping up international business has become a consensus in the securities industry.

Looking ahead to 2026, Zou Yingguang, President and General Manager of CITIC Securities, said that the company will further advance its internationalization strategy, continue to grow and strengthen its investment banking business in the Hong Kong market, increase resource investment in the Asian market, and further expand into markets in Europe and the United States, among others. At the same time, leveraging its strong customer base among Chinese clients, it will comprehensively enhance its capabilities for executing international businesses and global issuance sales.

“Markets in Singapore, the United States, India, Japan, and others have successively obtained key business qualifications or completed the establishment of subsidiaries, gradually building a global value-chain system featuring multi-location layout and coordinated development, while the participation level and influence of international markets continue to rise.” Zhou Yi, CEO of Huatai Securities, said at an earnings briefing that going forward the company will continue to deepen its internationalization strategy, actively seize strategic opportunities in the process of rebuilding global industrial chains and value chains, and in the course of helping Chinese enterprises, institutions, and wealth clients build global layouts, will push internationalization development to a new level, creating sustainable long-term returns for shareholders.

At the earnings briefing, Wu Chao proposed three major strategic initiatives to promote internationalization development: first, to grow and strengthen its Hong Kong business and reinforce coordination between operations inside and outside the mainland; second, to expand its overseas layout and build a global network; and third, to create an efficient front-to-back support system. The company will take Hong Kong as the core, steadily advance its global layout, improve cross-border financial service capabilities through deep integration of resources inside and outside the mainland, and move firmly toward the goal of becoming a world-class investment bank, contributing strength to high-level opening up of the capital market to the outside world.