17 brokerages step up overseas expansion this year, cross-border revenue becomes new growth engine

第一财经··CNHK·Read original
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Summary · why it matters

Listed brokerages are accelerating their overseas expansion, with 17 firms announcing increased investment in overseas business so far in 2025. Guolian Minsheng recently announced that it has received a reply from the China Securities Regulatory Commission raising no objection to its plan to inject no more than 2 billion yuan into its wholly owned subsidiary Guolian Securities Hong Kong Limited. The capital increase still needs to complete filing procedures for the overseas investment project before it can be implemented. According to a tally by Yicai, 13 brokerages including Huaan Securities and Sinolink Securities announced capital increases for overseas subsidiaries or the establishment of new overseas subsidiaries in 2025, and the expansion has continued into 2026. Guotai Haitong's non-bank team estimates that the business space for brokerages in Hong Kong is expected to exceed 350 billion Hong Kong dollars by 2028. Data from a Guosen Securities research report shows that in the first half of 2026, 15 listed brokerages with comparable data achieved overseas business revenue of 34.161 billion yuan, with international business contributing 18.9 percent of their combined revenue, up about 69.9 percent year on year. Cross-border business has become a core growth curve for brokerages after proprietary trading and wealth management.

Impact on assets 8

Others▲
Guolian Securities Co Ltd
601456
▲ PositiveCapitalrelevance

Guolian Minsheng received CSRC no-objection to inject up to 2 billion yuan into its wholly owned Guolian Securities Hong Kong subsidiary.

Sinolink Securities Co Ltd
600109
▲ PositiveCapitalrelevance

Sinolink Securities announced a capital increase for an overseas subsidiary or establishment of a new overseas subsidiary in 2025, part of the overseas expansion wave.

Huaan Securities Co Ltd
600909
▲ PositiveCapitalrelevance

Huaan Securities announced a capital increase for an overseas subsidiary or establishment of a new overseas subsidiary in 2025, part of the overseas expansion wave.

Guosen Securities Co Ltd
002736
▲ PositiveCapitalrelevance

Guosen Securities research report data is cited showing overseas business revenue growth across 15 listed brokerages, positioning cross-border business as a core growth curve.