China’s top brokerage firms are significantly expanding their international operations, investing billions of yuan in offshore subsidiaries as cross-border deal activity and overseas earnings surge, according to recent interim financial disclosures.
Citic Securities, one of the country’s largest brokers, reported a 45.5% increase in revenue generated outside mainland China, reaching 15.86 billion yuan (approximately HK$18.5 billion) in the first half of 2026. This growth marginally exceeded its overall revenue increase of 44.1% during the same period. Citic Securities International, the firm’s offshore unit, recorded operating revenue of US$2.32 billion and net profit of US$829 million, up 56% and 114% respectively from the previous year. Total assets of the subsidiary climbed 60% to US$9.143 billion.
During the period, Citic completed 44 overseas equity transactions valued at about US$4.22 billion, including two major initial public offerings (IPOs) in Malaysia. The brokerage also facilitated 96 offshore bond deals for Chinese issuers and 28 global mergers and acquisitions (M&A) involving Chinese companies, with a combined transaction value of US$22.88 billion. Its international operations spanned regions such as Southeast Asia and Europe.
China International Capital Corporation (CICC) exhibited a parallel trend, with overseas revenue rising 45% year-on-year to 9.19 billion yuan, surpassing its 39.2% overall revenue growth. Offshore activities accounted for 35% of its total revenue, up slightly from 34% a year prior. CICC’s offshore arm sponsored 27 Hong Kong IPOs with an underwriting value of US$5.74 billion in the first half, doubling the number and value compared to the previous year. Its international assets stood at HK$48.6 billion at the end of June, and net profit increased 65% to HK$4.35 billion.
Guotai Haitong Securities, China’s largest brokerage by assets, also reported robust growth in offshore revenue. Its income from Hong Kong and other overseas markets rose 87.3% to 12.19 billion yuan in the first half, though the figure was influenced by the earlier merger of Guotai Junan Securities and Haitong Securities.
These expansions align with Beijing’s strategic goal to cultivate globally competitive investment banks and enhance the cross-border capabilities of Chinese securities firms. Wu Qing, chairman of China Securities Regulatory Commission (CSRC), stated last December that Beijing aims to develop several internationally influential brokerages during the 2026-2030 five-year plan, granting high-quality firms greater operational flexibility, including on capital use and leverage.
The Securities Association of China reported that 36 overseas subsidiaries of 34 mainland brokerages collectively held HK$1.94 trillion in assets at the end of 2025, marking a 31.95% increase from the previous year.
Capital commitments to overseas operations continue to rise as well. In August, Citic raised 16 billion yuan through a private H-share placement with proceeds retained offshore to support its international business, having already injected around 10 billion yuan into its overseas arm. CSC Financial invested HK$1.5 billion into China Securities International in February and supported seven Hong Kong IPOs, raising HK$31.28 billion during the first half of 2026. CSC plans to further integrate its mainland and Hong Kong investment banking activities while pushing into cross-border acquisitions and diversified product offerings.
Analysts note that these enhanced offshore investments are likely to improve brokerages’ returns on equity. Citi analysts highlighted that expanding international operations provides Chinese securities firms with more tools to deploy leverage, complemented by onshore regulatory support encouraging greater borrowing capacity for large institutions.