The operating performance of major securities firms' overseas subsidiaries has been disclosed. In recent years, brokerages have accelerated their international expansion, with global operations viewed as a key growth driver. The strong performance of overseas markets has particularly drawn attention to the development of these subsidiaries.

According to statistics, the overseas subsidiaries of major brokerages generally maintained high growth rates in 2025. CITIC Securities International reported revenue exceeding RMB 23.4 billion, a year-on-year increase of 48%. This revenue scale would rank among the top ten if compared with domestic brokerage parents. CICC International achieved revenue of RMB 13.7 billion, growing over 40%. Guotai Haitong Financial Holdings and Huatai International reported revenues of RMB 9.2 billion and RMB 8.4 billion, respectively.

In terms of asset size, CITIC Securities International's assets surged past RMB 470 billion by the end of 2025. CICC International, Guotai Haitong Financial Holdings, and Huatai International each held assets around RMB 200 billion. When including Haitong International Holdings' assets, Guotai Haitong's overseas subsidiaries collectively managed over RMB 300 billion in assets.

Among the top four firms, CITIC Securities International has taken a clear lead, followed by CICC International, Guotai Haitong Financial Holdings, and Huatai International. However, CICC International remains significantly ahead in investment banking services. Galaxy International Holdings, GF Holdings (Hong Kong), China Securities International, and China Merchants Securities International form the second tier.

CITIC Securities International's revenue grew by 48%, while GF Holdings (Hong Kong) and China Securities International more than doubled their revenues. As major brokerages released their annual reports, 2025 performance data for overseas subsidiaries became available. The first-tier firms—CITIC Securities International, CICC International, Guotai Haitong Financial Holdings, and Huatai International—maintained their leading positions. CITIC Securities International led with over RMB 20 billion in revenue, followed by CICC International exceeding RMB 10 billion. Guotai Haitong Financial Holdings, combined with Haitong International Holdings, also surpassed RMB 10 billion.

CITIC Securities' annual report disclosed that CITIC Securities International generated USD 3.341 billion (approximately RMB 23.4 billion) in revenue and USD 913 million (approximately RMB 6.4 billion) in net profit for 2025, representing year-on-year increases of 48% and 72%, respectively. All figures were converted to RMB using year-end 2025 exchange rates: USD 1 = RMB 6.989 and HKD 1 = RMB 0.8988.

CICC's report showed CICC International achieved total revenue of HKD 15.208 billion (approximately RMB 13.7 billion), up 41% year-on-year, with net profit of HKD 5.085 billion (approximately RMB 4.6 billion), rising 78%.

Guotai Haitong Securities, formed by the merger of Guotai Junan Securities and Haitong Securities, operates two major overseas subsidiaries: Guotai Haitong Financial Holdings (renamed from Guotai Junan Financial Holdings) and Haitong International Holdings. Guotai Haitong Financial Holdings reported 2025 revenue of HKD 10.241 billion (approximately RMB 9.2 billion), up 31%, and net profit of HKD 2.631 billion, surging 85%. Haitong International Holdings, which previously faced significant losses, remained in the red with revenue of HKD 2.158 billion and a net loss of HKD 3.268 billion.

Huatai International's revenue fell to HKD 9.291 billion (approximately RMB 8.4 billion), with net profit at HKD 3.284 billion (approximately RMB 3 billion), both roughly halving year-on-year. This decline was due to a one-time gain from the sale of U.S. assets in 2024, which elevated the base for comparison and affected international business metrics post-disposal.

Second-tier overseas subsidiaries, including Galaxy International Holdings, GF Holdings (Hong Kong), China Securities International, and China Merchants Securities International, reported revenues between RMB 1 billion and RMB 3 billion. GF Holdings (Hong Kong) and China Securities International saw revenue growth exceeding 100%, rising 115% and 103%, respectively.

Compared to industry-wide data, the overseas subsidiaries of leading brokerages account for the majority of sector revenue. According to Securities Association of China figures, 34 domestic securities firms operated 36 overseas subsidiaries by the end of 2025. These subsidiaries held total assets of HKD 1.94 trillion, up 31.95% year-on-year, and generated revenue of HKD 45.233 billion, increasing 6.15%.

Asset growth was particularly notable in 2025. CITIC Securities International's total assets reached RMB 475 billion, up 34%. Guotai Haitong Financial Holdings, CICC International, and Huatai International reported assets of RMB 242.9 billion, RMB 237.1 billion, and RMB 184.7 billion, respectively, each growing over 35%. Including Haitong International Holdings, Guotai Haitong's overseas assets exceeded RMB 300 billion.

Additionally, GF Holdings (Hong Kong) surpassed RMB 100 billion in assets, while Galaxy International Holdings, China Securities International, and China Merchants Securities International each held over RMB 50 billion.

Overseas subsidiaries generally operate with higher leverage (total assets/net assets) compared to their domestic parents. Major overseas subsidiaries often maintain leverage ratios above 7x or even 10x, whereas domestic parents typically stay below 7x.

These subsidiaries also demonstrated stronger profitability. Based on 2025 net profit divided by year-end net assets, CITIC Securities International, CICC International, Guotai Haitong Financial Holdings, and Huatai International reported ROEs of 22.34%, 14.6%, 10.37%, and 11.89%, respectively—all above 10%. Domestic parents generally posted ROEs below 10%.

The proportion of international business revenue has risen as brokerages increase capital allocation to overseas expansion. In 2025, CICC and CITIC Securities saw significant increases in overseas revenue share. CICC's international revenue rose from 24.88% to 29.47%, while CITIC Securities' grew from 17.17% to over 20%. Guotai Haitong's overseas revenue share increased from 6.7% to 15.19%.

Huatai Securities reported a decline in international revenue due to the high base effect from 2024's asset disposal gains, though its 2025 international business still accounted for over 16% of total revenue. The firm disclosed international revenue of RMB 5.918 billion for 2025, noting that excluding one-time impacts, international revenue actually grew 23.82% year-on-year.

It should be noted that differences in accounting standards between domestic and international operations often lead to discrepancies between disclosed international business revenue and major overseas subsidiary revenue. For example, CITIC Securities reported overseas revenue of RMB 15.519 billion in its annual report, while its subsidiary CITIC Securities International reported USD 3.341 billion (approximately RMB 23.4 billion).