CITIC Securities

CITIC Securities Company Limited
中信证券股份有限公司
public
Traded as
Industry Financial services
Founded 1995
Headquarters CITIC Securities Tower, Shenzhen, China
Area served
 China
Services investment banking, securities brokerage
Owner CITIC Group (15.59%)
Website www.cs.ecitic.com

CITIC Securities Co., Ltd. is a leading full-service investment bank in China, it maintains the leading position on business fronts such as investment banking, brokerage, asset management, investment advisory service, etc. CITIC Securities was established in 1995 and it is headquartered in Shenzhen, Guangdong Province.

Listing

On January 6, 2003, CITIC Securities (SSE: 600030) was listed on the Shanghai Stock Exchange (SSE). On October 6, 2011, CITIC Securities (SEHK: 06030) was listed on the Hong Kong Stock Exchange (HKEX).

Rank

In 2015 CITIC Securities ranked No. 1 of Chinese companies for assets sold for repurchasing financial assets and No. 2 for fair value change gain.[1] In 2011, CITIC Securities ranked No.1 in China in investment banking business as measured by the total amount of equity and debt underwritten, No.1 in sales, trading and brokerage business as measured by equity and fixed income trading turnover and No.1 in asset management business as measured by AUM. CITIC Securities is also the largest among China's investment banks as measured by total assets, total equity, total revenue and profit in 2011.

Awards

In 2011, CITIC Securities was awarded the "Best Equity House in China" and "Best Broker in China" by FinanceAsia; "China Equity House" by the IFR Asia; "Most Innovative Investment Bank from Asia" by The Banker. The research team have been awarded “Best Local Research Team” by New Fortune in six consecutive years.

Acquisitions

In July 2012, CITIC Securities agreed to acquire Crédit Agricole's Asia brokerage and research unit CLSA for $1.25 billion which 19.9 percent stake or $310.3 million will be bought in the first step and the remaining 80.1 percent stake or $941.7 million will be bought later.[2]

In August 2015, CITIC Securities was reported to be in advanced talks with London Stock Exchange Group Plc to buy Russell Investments, an asset management firm based in the US. However the discussions was suspended due to a series of investigations into top CITIC Securities executives by Chinese authorities.[3] In October London Stock Exchange announced the sale of Russell Investments to TA Associates, a Boston private equity firm for USD 1.15 billion, much lower than USD 1.8 billion offered by CITIC Securities.[4]

On August 25, 2015 the Chinese news media announced that several executives within CITIC Securities were under investigation for possible wrongdoing.[5]

In September 15, the CEO of CITIC Securities was suspected by Chinese police of leaking and trading on unspecified inside information.[6]

In December 2015, the Head of CITIC Securities investment banking division and the Head of overseas investment banking business were reported to be detained by authorities to assist investigation on potential insider trading and information leakage.[7]

References

  1. ↑ "Citic Securities Company Limited Fundamental Rankings". China Stock Facts. 2015.
  2. ↑ "Citic Securities to Buy Credit Agricole's CLSA for $1.25 Billion". Bloomberg. July 20, 2012.
  3. ↑ johndetrixhe, Cathy Kit Ching Chan chan_cat Aaron Kirchfeld ak_mna John Detrixhe. "LSE's Sale of Russell Investments to Citic May Collapse". Bloomberg.com. Retrieved 2016-02-06.
  4. ↑ Panchal, Tapan. "LSE to Sell Russell Investments for $1.15 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-02-06.
  5. ↑ "Steep Swings for Chinese Shares as Global Markets Turn Mixed". New York Times. August 26, 2015. Retrieved August 26, 2015.
  6. ↑ Areddy, James T. "China Investigates Citic Securities President for Insider Trading". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-02-06.
  7. ↑ "Citic Securities says unable to contact two senior executives". Reuters. 2015-12-06. Retrieved 2016-02-06.


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