Multiple listed securities firms increase investment in international business, launching the race for top-tier global investment banking rankings.

People’s Finance News, April 8—As the annual report season gets underway, the “big players” are once again flexing their muscles, with international business revenue once again emerging as a key focus of listed brokerages’ 2025 performance. In 2025, CITIC Securities International’s revenue exceeded 23 billion yuan (RMB equivalent, the same applies below), and with total assets of 468 billion yuan, it has become an indisputable industry leader. CICC International’s net profit was 4.468 billion yuan, accounting for 45.63% of CICC’s consolidated net profit. Data show that international business is becoming a new growth engine for brokerage results. Many listed brokerages are also stepping up their investments in international business, and their overseas subsidiaries have become an important direction for expanding their balance sheets. With competition intensifying, the international business landscape for China-based brokerages has also seen new changes. CITIC and CICC continue to steadily carry out their internationalization strategy; however, Huatai Securities saw its ranking slip due to the sale of its U.S. subsidiary, and it will take some time to return to the first-tier group. Beyond a few top institutions, Guangdong Securities Holdings (Hong Kong) and CCB International have emerged as non-negligible challengers, with their revenues doubling. Worth noting is that the merger and reorganization of Cathay Hailton has been preliminarily completed. The integration of its two wholly owned Hong Kong subsidiaries—Cathay Hailton Holdings and Hailton International (holding 73.92% of Cathay Hailton International, also known as Guotai Junan International)—is also promising going forward. Together, their combined revenue scale is expected to move up another tier in industry rankings. The “position battle” to build an internationally top-tier investment bank has already begun.