Merger and Acquisitions Report of China Securities Industry, 2008
  • Sep/2008
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China Securities Companies' number declined to 107 in 2008 from 134 in 2004. Meanwhile market share of top securities companies had realized leaping growth through entrusting and acquisitions. There has been a large scale gap among companies; however, the market competition is still intense and the king has not emerged yet. 

China securities companies mainly gain profit from brokerage service and self-operations, which both simply depend on the performance of stock market, but for the services such as investment banking and asset management, foreign competitors have obvious advantages.

Market Share Distribution of Top 10 Securities Companies by Brokerage Service
Source: ResearchInChina

By Aug 2008, China has seven joint venture brokers as follows: CICC, Goldman Sachs Gao Hua, UBS, BOC, CESL, Daiwa SMBC-SSC Securities and CS Founder Securities. Among which, CICC, Goldman Sachs Gao Hua and UBS together shared 41.6% of IPO projects in China stock market.

Market Share Distribution of Joint Venture Securities Companies 
by IPO Projects in China Stock Market, 2007

Source: ResearchInChina

Moreover, the control power of the top three is held by one party, for example, CICC is controlled by China side but UBS and Goldman Sachs Gao Hua are controlled by foreign side. As for others without clear dominators, they had a less profitability.

Based on authoritative statistics of CSRC and China Securities Industry Association, this report analyses the status quo of china securities industry merger and acquisitions, as well as the political environment, M&A cases and key companies, and also points out the M&A trends and risks.

1. Overview of China Securities Market
1.1 Market Scale
1.1.1 Stock Market
1.1.2 Bond Market
1.1.3 Futures Market
1.2 Influential Factors of Securities Market Long-term Development
1.2.1 Macroeconomic Conditions 
1.2.2 Securities Market Reform
1.2.3 RMB Appreciation
1.3 Policy Analysis

2. Competition Pattern of China's Securities Industry
2.1 Overview of China Securities Companies 
2.1.1 Scale and Numbers
2.1.2 Business Structure
2.1.3 Profitability 
2.2 Industry Concentration 
2.3 Joint Venture Securities Companies 
2.4 Potential Competitors

3. M&A of China's Securities Industry
3.1 Investment Trend 
3.2 M&A Trend
3.3 M&A Obstacles 

4.Competitiveness and M&R Analysis of Major Securities Companies 
4.1 CITIC Securities Co., Ltd (CITICS)
4.1.1 Business Operation 
4.1.2 Market Position 
4.1.3 M&R Cases
4.1.4 Marketing Networks 
4.2 Haitong Securities Co., Ltd
4.2.1 Business Operation
4.2.2 Market Position 
4.2.3 M&R Cases
4.2.4 Marketing Networks 
4.3 Guotai Junan Securities Co., Ltd. (GTJA)
4.3.1 Business Operation
4.3.2 Market Position
4.3.3 Marketing Networks 
4.4 GF Securities Co., Ltd (GF)
4.4.1 Business Operation
4.4.2 Market Position 
4.4.3 M&R Cases
4.4.4 Marketing Networks 
4.5 China Galaxy Securities Co., Ltd
4.5.1 Business Operation
4.5.2 Market Position
4.5.3 M&R Cases
4.5.4 Marketing Networks 
4.6 Shenyin & Wanguo Securities Co., Ltd. (SYWG)
4.6.1  Business Operation
4.6.2 Market Position
4.6.3 M&R Cases
4.6.4 Marketing Networks 
4.7 Guosen Securities Co., Ltd
4.7.1  Business Operation
4.7.2 Market Position
4.7.3 M&R Cases
4.7.4 Marketing Networks 
4.8 Everbright Securities Co., Ltd
4.8.1  Business Operation
4.8.2 Market Position
4.8.3 M&R Cases
4.8.4 Marketing Networks 
4.9 Orient Securities Co., Ltd
4.9.1  Business Operation
4.9.2 Market Position
4.9.3 M&R Cases
4.9.4 Marketing Networks 
4.10 China Merchants Securities Co., Ltd
4.10.1 Business Operation
4.10.2 Market Position
4.10.3 M&R Cases
4.10.4 Marketing Networks 

5. Market Entry Mode of Foreign Securities Companies
5.1 Goldman Sachs Gao Hua Securities
5.1.1 Entry Mode
5.1.2 Goldman's Position in the Joint-venture and Business Scope 
5.1.2 Operation Status 
5.2 CICC
5.3 UBS Securities
5.4 CS Founder Securities

6. Risks and Trend of Establishing Joint Venture Securities Companies in China
6.1 Withdraw cases 
6.2 Risks Analysis
6.3 Trend Analysis

7. Conclusion 
Total Market Value of China Stock Market, 2000-2008
Number of Opening Account of China Securities Market, 2000-2008
Bond Types Issued in 2007
Trusteeship Proportion of Various Bonds, 2007
Bond Proportion Held by various Institutions, 2007
Trade Volume in China Futures Market, 2001-2008
RMB Appreciation Trend
Business Structure of the Top Ten Securities Companies by Net Profit
Profit of Securities Industry, 2000-1H2008
Market Share Distribution of the Top Five Securities Companies by Assets Management Scale 
Securities Industry Investment by Region, 2000-2008
Growth of Total Assets and Shareholders' Equity of CITIC, 2005-2007
Business Structure of Haitong Securities
Trade Statistics of China Futures Exchanges, 2007
Requirements of CSRC for Brokers 
Number of China Securities Companies
Net Capital of the Top Ten Innovating Brokers, 2005-2007
TOP 20 Securities Companies by Sales Volume of Stock and Bond, 2007
Operating Revenue and Net Profit of Securities Companies, 2007
Top Ten Securities Companies by Brokerage Service, 2007
Top Ten Securities Companies by Sales Volume and Market Share, 2007 
Investment Trend of Securities Industry, 2000-2008
Key Investment Projects, Jun 30 2005-Jun 30 2008
Sales Revenue and Profit Growth of China Securities Industry, 2005-2007
Main Acquisition Projects of CITIC, 2000-2008
Regional Distribution and Number of CITIC's branches 
Financial Result of Haitong Securities, 2005-2007
Haitong's New Investment Project, 2000-2008
Financial Result of Guotai Junan Securities, 2006-2007

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