Following the release of 2026 interim reports for securities firms, international operations have emerged as the standout highlight in the performance sheets of leading brokerages. Both CITIC Securities' record-breaking 56% year-on-year revenue growth and over 110% surge in net profit from its international business, and CICC's overseas revenue accounting for roughly one-third of its total, clearly demonstrate that international ventures are transitioning from incremental additions to core pillars of growth. Overall, three engines—market expansion, capital reinforcement, and capability enhancement—are working in tandem to usher the industry into a concentrated return phase.

Market expansion serves as the direct catalyst for the surge in international business. Data indicates that total equity financing volume on the Hong Kong stock market climbed 30.3% year-on-year in the first half, with IPO issuance amounts jumping 93.9%. This dual vitality in primary fundraising and secondary trading has driven growth across the full chain of cross-border sponsorship, underwriting, trading, and market-making services. In terms of IPO sponsorship scale, CICC, Huatai Securities, and CITIC Securities firmly hold the top three positions among Chinese brokerages. As market conditions improve, the project pipelines and localized service capabilities accumulated by leading firms over years are converting into substantial business gains.

While market expansion provides the growth window, sustained and steadfast capital investment underpins the stable development of international operations. Given the hefty upfront costs and lengthy return cycles of global expansion, a solid capital base is indispensable. This year, top-tier institutions have aligned their strategies, with nine Chinese brokerages either completing or announcing capital injections into their Hong Kong core subsidiaries. The effects are visible on the asset side, with CICC International's total assets reaching RMB 389.6 billion at the end of the first half, accounting for nearly 40% of CICC's total. A fortified capital base enhances both the business capacity and risk resilience of overseas arms, providing greater confidence for further expansion. More critically, this round of capital infusion precedes a qualitative shift in business structure—only with ample capital can international subsidiaries compete globally in high-value-added areas like premium investment banking and market-making.

If market expansion offers growth space and capital reinforcement builds the foundation, then the continuous upgrading of professional capabilities determines the ultimate ceiling of this internationalization drive. Previously, Chinese brokerages venturing abroad focused primarily on acquiring licenses and establishing networks, with business models skewed toward basic services and weaker earnings stability. Today, after sustained competition on the global stage, leading firms' overseas subsidiaries have moved beyond simple channel-based operations, evolving into integrated service systems that combine asset management, derivatives, and cross-border investment banking. The interim results validate this capability leap: CICC ranks first in Hong Kong IPO underwriting scale, CITIC Securities leads Chinese brokerages in Hong Kong refinancing underwriting and offshore bond underwriting, and Huatai Financial Holdings ranks third overall in Hong Kong IPO sponsorships. This comprehensive leadership in cross-border investment banking confirms a systematic upgrade in service capabilities, with earlier investments in structuring, networks, and talent now translating into tangible returns.

A deeper transformation is underway: Chinese brokerages are shifting from "going global" to "integrating locally." In the past, overseas expansion followed a reactive logic of serving Chinese enterprises' cross-border financing and overseas placements. That picture has fundamentally changed. For instance, CICC channeled over RMB 150 billion in foreign capital into A-shares and Hong Kong stocks in the first half, while its cross-border asset management products continue to scale up—a sign that Chinese brokerages now possess the core capability to facilitate global capital allocation into Chinese assets. They have evolved from mere service providers for domestic firms abroad into pivotal hubs connecting onshore and offshore capital markets. This shift from "going out" to "going in" marks a fundamental leap in role and capability, positioning Chinese brokerages in a new niche within the global capital cycle.

Looking ahead, international business is poised to transition from cyclical gains to structural growth, emerging as a long-term theme that helps leading brokerages navigate market cycles and reshape valuation logic. However, the return phase is merely a periodic validation; building world-class investment banks remains the enduring objective. As Chinese assets gain greater weight in global allocation, Chinese brokerages must hone their professional expertise to higher standards, contributing solutions within the international financial system and earning influence commensurate with their capabilities.