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China's Brokerage Industry in Bad Shape, but Policy Changes Raise Hopes.

Publication: PR Newswire
Publication Date: 27-MAY-05
Format: Online
Delivery: Immediate Online Access

Article Excerpt
HONG KONG, May 27 /Xinhua-PRNewswire-FirstCall/ -- Xinhua Far East China Ratings (Xinhua Far East), the pioneer in ranking credit risk among Chinese corporations using international standards, today announced its sector research report on China's brokerage industry.

The report revealed that the brokerage industry in China is in bad shape. Since 2002, among the 100 or so brokerages in China, seventeen securities companies have been sanctioned to close or put under external receivership due to severe non-compliance and financial distress. In addition, two brokerages are being restructured.

The audited financial statements of 50 brokerages published in through the interbank market or exchanges showed that this group of domestic brokerages, arguably relatively healthy players, reported a net loss of RMB 4.7 billion (USD 562 million) in 2004.

A fairly optimistic estimate would be that even...

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