China’s top brokerages step up global push as overseas profits surge

China’s leading brokerages are accelerating their push overseas, pouring billions of yuan into their international arms as cross-border deals expand and profits from overseas operations grow, according to their latest interim reports.Citic Securities, one of China’s largest brokerages, saw revenue generated outside China" class="entity-link entity-location" data-entity-id="142227" data-entity-type="location">mainland China rise 45.5 per cent, year on year, to 15.86 billion yuan (US$2.4 billion) in the six months ended June, according to its interim report. The growth slightly outpaced the group’s 44.1 per cent increase in overall revenue.Its international arm, Citic Securities International (CSI), generated US$2.32 billion in operating revenue and US$829 million in net profit during the period, up 56 per cent and 114 per cent, respectively, from a year earlier. Total assets reached US$91.43 billion, 60 per cent higher than a year earlier.