Brokerage firm compensation revealed! Up to over 15 million—who is that “mysterious person”?

Recently, brokerage firms have been disclosing their annual reports one after another. Among them, for brokerages listed in Hong Kong, the information they disclose differs slightly from that of A-share-listed firms. Hong Kong-listed brokerage firms are required to disclose information about the five highest-paid employees of the company.

Reporters have found that the highest-paid individuals at these brokerages are not corporate directors, supervisors, or senior executives (i.e., those in the board/management system). In 2025, CITIC Securities had employees whose compensation exceeded RMB 15 million, which is understood to be for employees of CITIC Securities’ overseas subsidiaries. Guotai Huarong and Haitong have 2 employees with compensation ranging from RMB 11.01 million to RMB 13 million in 2025.

“Generally speaking, they are usually core senior positions in the front-office business departments, and most likely the MD (Managing Director) who delivered a landmark large project that year.” A brokerage executive told the reporter from China Securities Journal.

Highest compensation exceeds RMB 15 million

In its 2025 Hong Kong annual report, CITIC Securities states that during the 2025 fiscal year, the five employees with the highest compensation in the Group do not include directors or supervisors. Among the compensation of the remaining 5 non-director and non-supervisor employees, 1 person’s compensation falls within the RMB 15.01 million to RMB 19 million range, 1 person’s compensation falls within the RMB 13.01 million to RMB 15 million range, 1 person’s compensation falls within the RMB 11.01 million to RMB 13 million range, and 2 people’s compensation falls within the RMB 9.01 million to RMB 11 million range. In 2024, the distribution of the compensation ranges for the five highest-paid employees was the same as in 2025.

CITIC Securities said that for 2025 and 2024, the five highest-paid employees in the Group were all localized employees hired by overseas subsidiary institutions. The Group pays the compensation to these employees, and such compensation is based on the remuneration for services provided by the above-mentioned personnel to the Group.

In its 2025 Hong Kong annual report, CICC states that during the reporting period, the final compensation for the highest-paid individual was still in the process of confirmation. According to the pre-tax compensation amounts accrued and determined for payment under the reporting-period basis, among the 5 people with the highest compensation in 2025 and 2024, none is a director or supervisor of the company. Specifically, in 2025, 1 person fell within the RMB 3.51 million to RMB 4.5 million range, 3 people fell within the RMB 4.51 million to RMB 5.5 million range, and 1 person fell within the RMB 5.51 million to RMB 7 million range. In 2024, 4 people fell within the RMB 2.51 million to RMB 3.5 million range, and 1 person fell within the RMB 3.51 million to RMB 4.5 million range.

In its 2025 Hong Kong report, Haitai Securities states that the five highest-paid individuals were all directors or supervisors who were not disclosed in terms of compensation. The specific distribution is: 2 people in the RMB 7.01 million to RMB 8 million range, 2 people in the RMB 8.01 million to RMB 9 million range, and 1 person in the RMB 9.01 million to RMB 10 million range. For 2024, the situation was: 2 people in the RMB 8.01 million to RMB 9 million range, 1 person in the RMB 9.01 million to RMB 10 million range, 1 person in the RMB 10.01 million to RMB 11 million range, and 1 person above RMB 11 million.

Guotai Junan Haitong’s 2025 Hong Kong report also disclosed the top 5 highest-paid individuals. The report states that for the year ended December 31, 2025 and 2024, none of the five highest-paid employees were directors or supervisors of the Group. The five highest-paid employees’ compensation is listed as follows: 3 people in the RMB 9.01 million to RMB 11 million range, and 2 people in the RMB 11.01 million to RMB 13 million range. In 2024, 2 people were in the RMB 9.01 million to RMB 11 million range, and 3 people were in the RMB 11.01 million to RMB 13 million range.

Regarding the high compensation situation for employees who are not directors, supervisors, or senior executives, a top brokerage executive told the reporter from China Securities Journal: “Generally speaking, they are core senior positions in the front-office business departments, and most likely the MD (Managing Director) who delivered a landmark big project that year.” However, he also said that this situation is hard to come by and often happens only once every many years. This year they happened to get a high payout, and next year it may return to normal.

Listed executive compensation falls sharply

It is worth noting that the high-compensation individuals mentioned above are not directors, supervisors, or senior executives of the brokerage firms. In recent years, the executive compensation listed in brokerage annual reports has generally seen fairly noticeable decreases.

In 2025, the remuneration of CITIC Securities Chairman Zhang Youjun was RMB 2.3 million, while the compensation of the other directors/supervisors/senior executives was mostly below RMB 1.5 million. CITIC Securities said that the total pre-tax amounts payable to the listed executive director, employee director, and senior management personnel of the company include: basic annual salary, performance-related annual salary, and insurance and benefits. The final remuneration is still in the process of being confirmed; the remaining portion will be disclosed after confirmation.

Compared with 2023, the compensation listed for CITIC Securities’ executives fell significantly. In 2023, CITIC Securities Chairman Zhang Youjun’s compensation was RMB 5.05 million, and most of the other directors/supervisors/senior executives’ compensation was also above RMB 4 million. The annual report states that the total pre-tax remuneration amounts for the listed executive directors, the chair of the board of supervisors, employee supervisors, and senior management personnel include: basic annual salary, performance-related annual salary (including the on-account bonuses paid in 2023), special awards, and insurance and benefits. This appears to be different from the criteria used in 2025.

In 2025, the remuneration of Jianxin Securities Chairman Liu Cheng was approximately RMB 1.48 million, and the compensation of the other directors/supervisors/senior executives was basically around RMB 1.2 million. The annual report explained that the above total pre-tax remuneration data represent the compensation accrued and paid in 2025 that belongs to the directors and senior management personnel during their tenure in the relevant positions in 2025. During the reporting period, the final compensation of directors and senior management personnel who received compensation from the company was still in the process of confirmation, and the remaining portion will be disclosed after confirmation.

In 2023, the remuneration of CITIC Securities Chairman was RMB 3.54 million, and most of the other directors/supervisors/senior executives’ compensation was above RMB 3 million. At the time, the annual report explained that the total pre-tax remuneration amounts for the listed executive directors, the chair of the board of supervisors, employee supervisors, and senior management personnel include: basic annual salary, performance-related annual salary (the on-account bonuses paid in 2023), and insurance and benefits.

Reporters found that the decline in executive compensation listed in recent years is a common industry phenomenon. Executive compensation listed by brokerages such as CICC, Haitong Securities, and China Merchants Securities has also decreased.

Source: China Securities Journal

Editor: Cao Min

Proofread by: Zhi Yan