There are already 32 securities firms above the age of 30, with 17 having been established for over 35 years. How are these hundred securities firms progressing to the next level?

Ask AI · In the wave of mergers and acquisitions, how can brokerages achieve differentiated development?

Financial Associated Press March 20 (Reporter Lin Jian) 2026 is a year of special significance for 17 brokerages, including Huatai, CMB, GF Securities, West China, Yangtze, Industrial Bank, Ping An, Huaan, Everbright, and Zheshang. The Financial Associated Press has noted that these brokerages are reaching important milestones this year, such as their founding and mergers, reflecting the development and changes in the capital market.

Milestones that are multiples of 5 and 10 are habitual points of focus. 2026 marks the 35th anniversary for seven brokerages, including Huatai Securities, Yangtze Securities, Industrial Securities, Ping An Securities, Huaan Securities, CMB Securities, and GF Securities. Everbright Securities celebrates its 30th anniversary, West China Securities its 25th anniversary, and Zheshang Securities its 20th anniversary since its restructuring and renaming. The reporters have learned that some of these brokerages have already held anniversary celebrations, while others are in preparation, hoping to strengthen their sense of identity with the industry and their companies through commemorating key milestones from their establishment to growth, which also resonates with the capital market’s synchronous development.

It is worth noting that counting the four that just reached 35 years this year, there are already 17 brokerages that have been established for over 35 years, as well as 11 others, including Chuan Cai Securities, Northeast Securities, Datong Securities, Dongguan Securities, Guohai Securities, Huafu Securities, Great Wall Guorui Securities, Huaxi Securities, Yuekai Securities, CITIC South China, and Shanxi Securities. These brokerages, which developed almost simultaneously with the Chinese capital market, continue to witness and promote its growth.

In addition, Shenwan Hongyuan Securities is somewhat special, as the “Shen” in its name represents Shen Yin Securities, which traces its historical starting point back to 1985. The year 2025 marks the 40th anniversary of the company’s founding, making it also noteworthy.

From the perspective of preserving the main body, CITIC Securities South China, which originated from Guangzhou Securities, was established on March 26, 1988, making it the longest-standing brokerage currently in existence. Among brokerages with over 35 years of history, it is impossible not to mention Haitong Securities, a well-established brokerage that has never changed its name since its establishment, which will press the stop button in 2025. Similarly, Minsheng Securities, founded 37 years ago, will also become part of history in 2025 after merging with Guolian Securities.

A new wave of mergers and acquisitions in the securities industry is currently underway, adding another layer of significance to 2026. This year marks the inaugural year for the “Dongwu + Donghai” merger, the substantive merger of “CICC + Dongxing + Xinda,” and the critical consolidation year for “West + Guorong.” These seven brokerages undergoing mergers and acquisitions are taking this opportunity to plan and layout, making 2026 likely another pivotal turning point in the development of the securities industry. However, it is lamented that Donghai Securities, which has been established for 32 years, and the three brokerages of Dongxing, Xinda, and Guorong, each around 20 years old, will soon become history.

Looking back at history, there are always sighs. This year also marks the 20th anniversary of some brokerages exiting the market. China’s first judicially bankrupt brokerage, Dapeng Securities, exited the industry 20 years ago; the first brokerage in New China, Jutian Securities (formerly Special Zone Securities), was put under custody and exited the securities industry 20 years ago; Tianyi Securities was put under custody and disappeared 20 years ago; Asia Securities was acquired by Huatai 20 years ago.

Over the decades of development in the securities industry, starting from the first dozen brokerages, the number has now expanded to over a hundred, with the industry landscape continuously changing. Signs of this new peak of development began to emerge in 2025. At that time, CITIC Securities and CICC celebrated their 30th anniversaries, while Galaxy Securities and Shougang Securities marked their 25th anniversaries, and CITIC Jiantou Securities celebrated its 20th anniversary. Shenwan Hongyuan also welcomed the double milestone of its 40th anniversary and the 10th anniversary of its merger, while Guoxin Securities entered a new development phase after standing for thirty years. Guotai Haitong Securities and Zheshang Securities, which completed the merger with Guodu Securities, both set 2025 as their starting year for growth.

32 brokerages have been established for over 30 years

Many brokerages, especially the leading ones, were mainly established between 1990 and 1995, with some later established through restructuring or reorganization. Therefore, beginning in 2025, the concept of “big anniversaries” has become more prevalent, such as CITIC, CICC, and so on.

According to statistics from the Financial Associated Press, there are currently as many as 32 brokerages established for over 30 years, including Datong Securities, Chuan Cai Securities, Dongguan Securities, Northeast Securities, Guohai Securities, Yuekai Securities, Huaxi Securities, Huafu Securities, Shanxi Securities, Guojin Securities, Nanjing Securities, Century Securities, Huaan Securities, Huatai Securities, Yangtze Securities, Industrial Securities, CMB Securities, Ping An Securities, Guolian Minsheng Securities, Zhongshan Securities, Donghai Securities, First Capital Securities, Dongwu Securities, GF Securities, Kaiming Securities, Guoxin Securities, Founder Securities, Guotai Haitong Securities, Great Wall Securities, CICC, CITIC Securities, and Shenwan Hongyuan.

As “veterans” in the industry, these brokerages have not only witnessed multiple cycles of bull and bear markets in the A-share market but have also accumulated in core business areas such as investment banking, asset management, and brokerage, becoming an important force supporting the stable operation of the capital market. For instance, CITIC Securities completed its shareholding reform in 1999, went public on the Shanghai Stock Exchange in 2003, and listed on the Hong Kong Stock Exchange in 2011, becoming the first Chinese brokerage to be listed in both A and H shares. Subsequently, it successively acquired Wantong Securities, Huaxia Securities, Jintong Securities, and Guangzhou Securities, and also integrated overseas Lyon Securities, gradually expanding its business territory and steadily growing into a trillion-scale leading brokerage over thirty years.

Brokerages established between 20 and 30 years total 49, accounting for over 54%. They have become the backbone of the current securities industry. These brokerages were mainly established between 1996 and 2006, accumulating a certain amount of industry experience and client base while possessing relatively flexible operating mechanisms and innovative vitality.

Remarkably, over these decades, many brokerages have undergone transformations, appearing on the historical stage, with some going bankrupt and reorganized, and others renamed due to changes in shareholders, with recent years seeing an intensified pace, such as Maigao Securities (Wangxin Securities), Chengtong Securities (New Era Securities), Guoxin Securities (Huarong Securities), Huayuan Securities (Jiuzhou Securities), Jinjing Securities (Hengtai Securities), Tianfu Securities (Hongxin Securities), Beijing Securities (Ruixin Securities), and Zhongjin Wealth (Zhongtou Securities), etc.

Among them, Jinjing Securities was originally Hengtai Securities, established in 2002; Tianfu Securities can be traced back to Hexing Securities from 2001, which changed its name to the more familiar Hongxin Securities in 2012; Beijing Securities was originally a joint venture established in 2008 as Ruixin Securities, renamed in 2025 due to Beijing State-owned Assets Management; Zhongjin Wealth was originally Zhongtou Securities and is now a subsidiary of CICC, focusing on wealth management.

Foreign brokerages have been increasing in recent years, with the earliest being Gao Hua Securities established in 2004, Goldman Sachs (China) Securities, and Morgan Stanley Securities (China) in 2011. Most others have not been established for long, such as DBS Securities (China), Daiwa Securities (China), Standard Chartered Securities (China), Société Générale Securities (China), Mizuho Securities, HSBC Qianhai Securities, East Asia Qianhai Securities, Nomura Orient International Securities, and JPMorgan Securities (China), etc.; among domestic brokerages, the comparatively “young” ones include Jinyuan Unified Securities, Yongxing Securities, etc.

New starting point, what actions have brokerages taken this year?

Brokerages standing at anniversary milestones have either unveiled their development plans or are in the process of brewing them. Six brokerages, including West China Securities, Yangtze Securities, Industrial Securities, Ping An Securities, and Zheshang Securities, have each focused on brand renewal, strategic restructuring, and business upgrades, clarifying their paths for future development.

Starting with West China Securities, there are many actions planned for 2026. The company officially launched its new brand image “West Bull Power” while also reaching two critical milestones in the acquisition of Guorong Securities, marking the beginning of a new journey toward high-quality development. For future development, the company has clarified six major paths, focusing on building a differentiated development model through professional capabilities, promoting deep collaboration across various business lines, while also delving into core regions and key industries, creating a boutique research consulting and lean service system, prioritizing digital transformation in its development, and deepening business collaboration with Guorong Securities to further expand its cross-border financial services.

Yangtze Securities has just celebrated its 35th anniversary, standing at a new starting point after shareholder changes.

In 2025, Yangtze Industrial Group officially became the largest shareholder of the company, marking an important turning point in Yangtze Securities’ development. Based on this, the company initiated a new round of strategic planning in 2026. Yangtze Securities Chairman Liu Zhengbin stated that the company will layout around the “five major articles” in finance, anchoring on the “four service” functional positioning of serving the real economy development, technological industry innovation, social wealth management, and major regional strategies, aiming to enhance core functions and core competitiveness, and to build a comprehensive capital intermediary, technology-driven financial institution, and responsible public company.

Huatai Securities, Industrial Securities, Ping An Securities, Huaan Securities, CMB Securities, and GF Securities have all celebrated their 35th anniversaries, while Everbright Securities marks its 30th anniversary.

Industrial Securities is undergoing business restructuring under new leadership, while Ping An is in the process of merging with Founder Securities. Although there is no final answer, rumors abound; Huatai has just welcomed a new leadership team in 2026, officially embarking on a new stage; CMB’s performance report shows double-digit growth in both revenue and profit for 2025, laying a solid foundation for 2026; GF Securities has already made many deployments anchored around the new opportunities of the “15th Five-Year Plan,” focusing on building professional capabilities, customer-driven development, and digital transformation; Huaan is increasing efforts to establish its core business, expand markets, adjust structures, and seek innovation, achieving considerable growth in 2025; as a central managed financial brokerage, Everbright is accelerating the cultivation of distinctive brands and creating “core competitiveness” through differentiated development.

On the 20th anniversary of its restructuring and renaming, Zheshang Securities has clarified its three major development strategies, with Chairman Qian Wenhai recently releasing development signals. This includes continuously promoting the integration of Guodu Securities, upgrading the full-chain financial services, strengthening the business linkage model of “investment banking + investment + research,” and deepening the transformation of buy-side businesses.

(Financial Associated Press Reporter Lin Jian)