Haitong Securities Co., Ltd.

Haitong Securities was a major Chinese securities company headquartered in Shanghai. Founded in mainland China in 1988, it developed into a broad-based financial-services group serving individual investors, corporations, institutional clients and other market participants. Its activities covered securities brokerage, stocks and futures brokerage, investment banking, corporate finance, mergers and acquisitions advisory, asset management, mutual funds and private equity. The company operated in China's rapidly expanding capital markets and also pursued an international strategy. Its domestic business included securities trading and advisory services, while its overseas expansion was intended to extend Haitong's investment-banking and capital-markets capabilities beyond mainland China. A significant step in that strategy came in 2015, when Haitong completed the acquisition of the investment-banking operations of Portuguese bank Novo Banco, previously known as BESI. This transaction gave Haitong a larger European presence and strengthened its cross-border investment-banking platform. Haitong became a public company on the Shanghai Stock Exchange in July 2007. It subsequently pursued a Hong Kong listing, with an initial attempt cancelled in December 2011 because of market conditions. The Hong Kong offering was completed in April 2012, and the company's H shares began trading on 27 April 2012. Having listings in Shanghai and Hong Kong provided access to both mainland and international capital-market investors. By the middle of the 2020s, Haitong was widely regarded as one of China's larger securities firms. Reference material describing the company in 2020 placed it among the country's four largest securities companies alongside CITIC Securities, Guotai Junan Securities and GF Securities. Its scale and diversified service portfolio reflected the development of China's modern investment-banking sector, in which securities companies combine retail brokerage, institutional trading, underwriting, advisory work and asset-management activities. The company also faced changing regulatory and competitive conditions. The China Securities Regulatory Commission's 2021 securities-company classification results assigned Haitong a BBB rating, down from AA in 2020. In September 2024, Guotai Junan Securities announced plans to merge with Haitong Securities. Haitong's A shares and H shares were delisted from the Shanghai and Hong Kong stock exchanges on 4 March 2025, and the merger was completed in April 2025. As a result, Haitong Securities ceased to operate as an independent listed securities company, although its businesses and capabilities became part of the post-merger organization.

Haitong Securities originated in Shanghai in 1988, during the early development of China's securities industry. Its predecessor began as a securities business serving the emerging domestic capital market. Over time, the organization expanded beyond basic brokerage into underwriting, corporate finance, asset management, research, proprietary investment and institutional services. During the 1990s and 2000s, China's financial system moved toward more structured securities-market institutions and a broader range of financing and investment products. Haitong used this period to build a comprehensive business platform. It developed capabilities for serving retail and institutional investors, supporting listed companies and other issuers, and participating in equity and fixed-income markets. The company was reorganized into a joint-stock securities company before becoming publicly listed. Haitong's Shanghai Stock Exchange listing in 2007 marked an important stage in its development as a large domestic securities institution. The listing increased its visibility and capital-market access and supported further investment in brokerage networks, research, investment banking and risk-management infrastructure. The company later expanded its international presence, including through Hong Kong, where its shares were listed in 2012. Its cross-border platform was intended to support Chinese enterprises and investors in international markets as well as international participation in China-related transactions. The firm's subsequent development reflected the changing structure of China's capital markets. Traditional commission brokerage increasingly operated alongside institutional sales, electronic and margin-related services, investment banking, asset management, proprietary trading and advisory work. Haitong also participated in the development of services connected with futures, private funds and other professional-investor activities, subject to the permissions and rules applicable to each business. Haitong's business has remained sensitive to market cycles. High trading volumes and active issuance markets can support brokerage and underwriting revenue, while market declines, lower turnover, credit events or tighter regulation can pressure results and increase risk-management requirements. Like other major Chinese securities companies, Haitong has therefore had to balance expansion with capital adequacy, compliance, liquidity, operational resilience and controls over proprietary and client-related risks. By the 2020s, Haitong was established as a listed, full-service Chinese securities company with domestic and international activities. Its brand is primarily associated with capital-markets intermediation rather than retail banking or insurance. The company continues to operate across brokerage, investment banking, asset management, trading, research and related financial services, with its strategic position influenced by regulation, competition among Chinese securities firms and the continuing opening and evolution of China's capital markets.

• 2012

  Hong Kong listing

  The company expanded its public-market access through a listing on the Hong Kong Stock Exchange.

• 2007

  Shanghai Stock Exchange listing

  Haitong Securities became a publicly listed company on the Shanghai Stock Exchange.

• 1988

  Predecessor established in Shanghai

  Haitong traces its origins to the establishment of its predecessor securities business in Shanghai.

A comprehensive, institution-oriented Chinese securities firm with roots in Shanghai and capabilities across brokerage, capital markets, asset management, trading and research.

• Brokerage

  Securities brokerage

  Services for retail, corporate and institutional clients to trade securities and access related investment and account services in permitted markets. Brokerage activities are supported by research, sales, financing and risk-management capabilities.

• Capital markets

  Investment banking

  Underwriting, sponsorship, corporate finance and advisory services for companies and other issuers. Activities may include equity offerings, bond and other debt financing, mergers-and-acquisitions advice and restructuring-related mandates, subject to regulatory authorization.

• Investment management

  Asset management

  Portfolio-management and investment-product services for institutional and other eligible clients. The business covers the management and administration of assets within applicable regulatory, suitability and disclosure requirements.

• Markets

  Trading and institutional services

  Institutional sales, securities trading, market-related services and proprietary investment activities. These capabilities support client execution, liquidity provision, risk transfer and the firm's participation in domestic and international capital markets.

• Research and advisory

  Research

  Investment research and analytical services covering companies, industries, markets and macroeconomic conditions. Research supports institutional distribution, investment decisions and the firm's broader capital-markets relationships.

• 2020

  Haitong-related businesses placed under investigation after Yongmei bond default

  After the Yongmei bond default in 2020, Haitong-related businesses came under self-regulatory investigation; the company subsequently conducted self-inspection and imposed warnings, circulated criticism, and economic penalties on responsible persons in departments including bond financing, fixed income, asset management, and futures. This occurred during the original Haitong period before the establishment of Guotai Haitong, and the self-regulatory investigation is not treated as a criminal conviction of the company.

  Source

Read more

• 2019-12

  Greenland Holdings and Haitong Securities sign strategic cooperation agreement[3]绿地控股与海通证券签署战略合作协议tech.sina.com.cn

  Reported: 2019-12-31

  Greenland Holdings and Haitong Securities signed a strategic cooperation agreement to establish a long-term, stable relationship in areas including financial cooperation.

1. 1Haitong Securities - Wikipediaen.wikipedia.org
2. 2Haitong-related businesses placed under investigation after Yongmei bond defaultjiemian.com
3. 3绿地控股与海通证券签署战略合作协议tech.sina.com.cn