Huatai Securities issues positive profit alert for 2019

Maria Nikolova

The company expects the net profit attributable to shareholders to rise by 70%-85% in annual terms.

Huatai Securities Co., Ltd. (SHA:601688), a technology-enabled securities group in China, today issued a positive profit alert for the year to December 31, 2019.

According to the preliminary assessment by the financial department of the company, the net profits attributable to shareholders of the listed company for 2019 will increase by RMB3,522,916,400 to RMB4,277,827,000. This translates into an increase of 70% to 85% in comparison with the preceding year.

The net profit after extraordinary profit and loss attributable to shareholders of the listed company is set to increase by RMB3,506,601,000 to RMB4,258,015,500, representing an increase of 70% to 85% as compared with that of the preceding year.

Huatai Securities explains that, in 2019, reforms in China’s equity market continued, and the level of openness was enhanced, along with the launching of the STAR market of the Shanghai Stock Exchange and piloting the registration-based initial public offering (IPO) system.

Generally, the A-share market rebounded while the major indices of the Shanghai and Shenzhen Stock Exchanges showed upward movement with active trading volumes and a significant increase in the scale of equity capital raising. The bond market experienced fluctuation intervals in overall, while the issuance size of bonds has expanded steadily.

The company seized the development opportunities brought by market reforms to bolster its capital strength and market influence by becoming the first issuer of global depository receipts (GDRs) under Shanghai-London Stock Connect Program. Thanks to the company advancing the tech-empowered “two-pronged” development strategy, the revenues from the principal businesses, including wealth management business, institutional services business, investment management business and international business, marked a year-on-year increase.

Th company notes that the forecast is based on preliminary reviewed and is subject to the audited financial data of the company in the annual report for 2019 to be published in due course.

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