China’s securities companies grow five-fold in net profit last year
Posted on Apr-02-2008· by china investor
BEIJING, March 13 (Xinhua)– China’s securities companies increased six-fold in net profit and doubled their asset value on the back of a bullish market last year.
The total 106 securities companies reaped a record 191.1 billion yuan (about 27 billion U.S. dollars) of net profit, 6.35 times that of a year ago, the Securities Association of China(SAC) chairman Huang Xiangpin said on Wednesday.
Asset value totaled 1.73 trillion yuan, 2.8 times that of a year earlier, said Huang at on an association meeting.
Some 59 funds managed a total asset worth of 3.28 trillion yuan, a rise of 350 percent, while net profit surged to 18.47 billion yuan from a year ago.
The Chinese share market sizzled along through 2007 as the Shanghai composite index peaked at 6,124.04 points from the year beginning of 2,700 points, raising 743.8 billion U.S. dollars from Shanghai and Shenzhen bourses. The combined turnover hit an unprecedented 4.69 trillion yuan.
Huang said the association will move to improve the drafted industry self-regulatory rules and carry out the rating of securities companies in a more professional manner this year. He also urged the working out of a long-lasting mechanism on investor education against risks.
SAC is a self-regulatory organization for the securities industry. Established in 1991, SAC aims to promote integrity construction and reflect comments and suggestions of the industry to promote a sound industrial development environment.
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