Brokerages post higher revenue |
http://www.sina.com.cn 2005/09/20 18:19 Shanghai Daily |
China's mainland brokerages posted the highest revenue in 16 months in August as the government's efforts to solve the non-tradable share issue powered markets higher. Brokers raked in a combined 3.02 billion yuan (US$372.4 million) last month compared to 1.6 billion yuan in July. It was the highest since April 2004, according to data from the Shanghai and Shenzhen stock exchanges. "Investors were generally optimistic about the future of the ongoing share structure overhaul," said Zhang Li, a Huatai Securities Co analyst. "They snapped up shares on expectations of receiving compensation from non-tradable equity holders." Brokerage fees, including those derived from stock, fund and bond trading, amounted to 2.77 billion yuan in August. Besides, securities firms chalked up sales of 72.2 million yuan in stock warrants, which were introduced to mainland markets in mid-August. China last month extended its latest state-holding sell-down program to all companies listed in Shanghai and Shenzhen. The government picked 46 companies for trial sales starting in May. Public investors are allowed to negotiate with controlling share owners on compensation plans. Dumping loads of shares on the market may puncture equity prices. Compensation may include cash, stocks and warrants. "Investors will probably chase companies which are likely to unveil new proposals soon," said Zhang. "Many people believe it's the proper time to build strong positions on blue chips which have yet to convert their non-tradable shares." |
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