Investors seeking stock insights should consult Golden麒麟 analyst reports for authoritative, professional, timely, and comprehensive analysis to uncover potential thematic opportunities! The chapter closes on HAITONG SEC. A previous series reflecting on "vanished brokerages" revisited the history of Haitong Securities. Now, this leading brokerage giant, once a dominant force in Shanghai, has officially canceled its business registration.
A New Year's Farewell A random check on Qichacha revealed that the saved entry for "Haitong Securities Co., Ltd." now shows a status of "Canceled," dated January 14, 2026.
On January 19 this year, the Shenzhen Stock Exchange announced that, pursuant to the "Shenzhen Stock Exchange Articles of Association" and the "Shenzhen Stock Exchange Membership Management Rules," and after completing relevant procedures, it has terminated the membership of Haitong Securities Co., Ltd. on the Shenzhen Stock Exchange. Back on December 30, 2025, both the Shanghai Stock Exchange and the Beijing Stock Exchange simultaneously announced the termination of Haitong Securities Co., Ltd.'s membership. Furthermore, the National Equities Exchange and Quotations announced on April 7, 2025, that Guotai Haitong Securities would succeed Haitong Securities in its continuing supervision businesses. The cancellation of its business registration, coupled with the termination of its exchange memberships, makes the complete departure of Haitong Securities an outcome that does not surprise industry insiders.
The Legacy of Haitong Looking back, Haitong Securities was once a pioneer and a benchmark in China's capital markets. From its inception in 1988, Haitong Securities engaged in industry development with a pioneering spirit of "daring to be the first under heaven." Weathering numerous storms, it witnessed and participated in multiple cycles of iteration and upgrading within China's capital markets. Its listing in Hong Kong in 2012, followed by its A-share listing in 2015, saw its market capitalization once surpass 300 billion yuan, steadily ranking among the top three in the industry. During its heyday, Haitong Securities, leveraging its extensive retail client base and regional advantages in the Yangtze River Delta, excelled in businesses like brokerage and investment banking. Its subsidiaries, including HFT Investment Management, Fullgoal Fund, and Haitong Futures, further constructed a diverse financial ecosystem. However, a turning point began with multiple challenges emerging after 2020. Latent issues of an imbalanced business structure gradually surfaced, with an over-reliance on brokerage business (accounting for 42% of revenue in 2023), while higher value-added businesses like investment banking and asset management lagged behind competitors such as CITIC Securities and China International Capital Corporation. Frequent compliance risks further became a drag. In 2021, Haitong Securities had its investment banking business suspended for three months due to the Yongmei bond incident. In 2023, it was again penalized for violations related to asset management products, accumulating fines exceeding 500 million yuan. Its international expansion also encountered setbacks, with overseas operations reporting losses for three consecutive years. In 2023, its European subsidiary suffered massive losses of 1.8 billion yuan from derivative trading, forcing a strategic retreat from global operations. Weakening financial data provided a clear reflection: in 2023, Haitong Securities' net profit fell 27% year-on-year to 6.5 billion yuan, and its Return on Equity (ROE) dropped to 4.8%, significantly below the industry average of 7.2% and starkly contrasting with Guotai Junan Securities' ROE of 8.5%, setting the stage for the subsequent merger.
The Merger Achievement In September 2024, both Guotai Junan Securities and Haitong Securities officially announced their merger. The transaction was completed just six months later, in March 2025. In April 2025, Guotai Haitong Securities emerged. This "merger of equals" created a new industry behemoth with total assets of 1.8 trillion yuan. Public reports indicate that Haitong Securities' base of over 6 million retail clients in the Yangtze River Delta complements Guotai Junan's strengths in institutional client services. Post-merger, the combined entity's market share in brokerage business rose to 7.5%, its investment banking business entered the industry's top three, and its asset management scale exceeded 1.2 trillion yuan, demonstrating significant economies of scale and synergistic value. For practitioners and investors who witnessed Haitong's glory days, behind this report card of industry upgrading lies an undeniable sense of poignancy: the entity that once rode the waves of the capital market ultimately exited the stage through absorption and merger, concluding a 37-year journey in the capital markets. At the beginning of 2026, Haitong Securities' business registration is permanently marked "Canceled." However, its legacy of businesses, clients, and talent is being integrated into the new entity to write the next chapter. As regulatory guidance to "support the strong and limit the weak" becomes increasingly clear, the Matthew Effect among leading securities firms continues to intensify. Smaller and mid-sized brokerages are either focusing on niche segments or seeking capital support, accelerating the industry's reshuffling. The conclusion of Haitong Securities is not an endpoint, but rather a profound marker of industry restructuring within the capital markets' ongoing transition towards high-quality development. Disclaimer: This article is for informational purposes only and does not constitute any investment advice to anyone. Investors acting on this information do so at their own risk.
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