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.

1. 2012Hong Kong listing

   The company expanded its public-market access through a listing on the Hong Kong Stock Exchange.
2. 2007Shanghai Stock Exchange listing

   Haitong Securities became a publicly listed company on the Shanghai Stock Exchange.
3. 1988Predecessor 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.

• Securities brokerageBrokerage

  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.

• Investment bankingCapital markets

  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.

• Asset managementInvestment 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.

• Trading and institutional servicesMarkets

  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.

• ResearchResearch and advisory

  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.

• 2025Haitong shares delisted from Shanghai and Hong Kong

  Haitong's A shares and H shares were delisted from the Shanghai and Hong Kong stock exchanges on 4 March 2025 as the merger process advanced.

  M&AOther
  Source
• 2025Merger with Guotai Junan completed

  The merger between Guotai Junan Securities and Haitong Securities was completed in April 2025, ending Haitong's existence as an independent listed securities company.

  M&A
  Source
• 2024Guotai Junan announces merger with Haitong Securities

  Guotai Junan Securities announced a planned merger with Haitong Securities in September 2024.

  M&A
  Source
• 2021Haitong receives a BBB securities-company classification

  The China Securities Regulatory Commission's 2021 securities-company classification results rated Haitong Securities BBB, compared with an AA rating in 2020.

  Regulation
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• 2019Mao Yuxing appointed deputy general manager

  Haitong Securities appointed Mao Yuxing as deputy general manager.

  Leadership change
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• 2015Haitong completes acquisition of Novo Banco's investment-banking operations

  Haitong Securities completed the purchase of BESI, the investment-banking operations of Portuguese bank Novo Banco, expanding its international investment-banking platform.

  M&A
  Source

1. 海通股票从上海和香港退市