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Everbright, Merchants Securities fare well

By Bi Xiaoning (China Daily)
Updated: 2009-07-24 08:04

A China Merchants Securities booth at a financial expo in Tianjin. The brokerage said its net profit rose 37.83 percent year-on-year to 1.472 billion yuan in the first half of the year. [CFP]

Everbright Securities posted a net profit of 1.28 billion yuan ($187.39 billion) in the first half, up 37.96 percent year-on-year, while China Merchants Securities said its net profit rose 37.83 percent year-on-year to 1.472 billion yuan.

"The two securities companies are likely to get listed this year. The strong financial reports could enhance their chances to get IPO approval," said Li Daxiao, director of research at Yingda Securities.

Founded in 1996, Everbright Securities has developed into China's 11th biggest brokerage by assets. Its registered capital was about 2.9 billion yuan.

According to the financial report, Everbright Securities realized about 2.478 billion yuan of revenue and 1.283 billion yuan of net profit in the first half. Its half-year net profit even exceeded the overall net profit of 1.219 billion yuan in 2008.

Buoyed by the rally in the stock market, the self-support business of Everbright Securities contributed most of the increased revenue. The company's investment on stocks, securities and warrants brought about 474 million yuan of revenue in the first half, while it posted negative figure in the same period of last year.

The company's revenue from traditional brokerage business also climbed 7.11 percent year-on-year to 1.717 billion yuan. Like many other brokerage firms, the company's investment banking business dropped about 80 percent year-on-year, due to the IPO market suspension.

Special Coverage: Restart of IPO Related readings:  Everbright Securities may trigger wave of new IPOs  Everbright Bank posts 7.32b yuan net profit in 2008  Brokers' commission in Q1 surges over 70%  China stock regulator approves new IPO  IPOs back after long suspension

Founded in 1991, China Merchants Securities had 3.227 billion yuan of registered capital and 1,600 staff in 27 cities across the country.

In the first half, China Merchants Securities realized about 3.28 billion yuan of revenue and 1.47 billion yuan net profit. Its fund management revenue reached about 737 million yuan, accounting for one quarter of the total commission fees.

Everbright Securities Co and China Merchants Securities Co passed hearings at the listing panel of the China Securities Regulatory Commission, the penultimate step in the process of getting stock sale approvals, in June and September 2008 respectively.

According to the pre-release prospectus, Everbright Securities plans to issue up to 520 million A shares. If the PE (price-to-earnings) ratio was set at 20 to 25 times, it could raise over 10 billion yuan of capital. China Merchants Securities plans to issue 359 million A shares. Its raised capital was estimated to be about 8 billion yuan.

Since the securities watchdog resumed IPOs in June, three companies have got listed on the on the small- and medium-sized enterprise board in Shenzhen. China State Construction Engineering Corp and Sichuan Expressway Co got the final green light to go public on the main board in Shanghai.