Guotai Haitong Forecasts up to 400% Surge in Q1 Profit; Hong Kong Shares Rise 4%

MT Newswires Live

04/08

Guotai Haitong Securities (HKG:2611, SHA:601211) forecasts its attributable profit will surge 350% to 400% to between 11.2 billion yuan and 12.4 billion yuan in the first quarter from 2.49 billion yuan in the year-ago period.

The upbeat forecast is attributable to the impact of the merger of Haitong Securities through share exchange, as well as the establishment of its retail, institutional, and corporate customer service systems, according to a Tuesday filing with the Hong Kong bourse.

Shares in the brokerage jumped 4% in Hong Kong and 3% in Shanghai during afternoon trading on Tuesday.

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