Brokerages Accelerate Overseas Expansion; Research Services Become the Key to Internationalization

【Global Network Finance and Economics Comprehensive Report】At the start of 2026, the internationalization of Chinese-funded securities firms has accelerated markedly. Leading institutions have increased capital and expanded overseas business in clusters, forming an expansion pattern of “Hong Kong as the base, radiating globally.” Data from Dongwu Research Institute shows that, as of the end of 2025, domestic securities firms had set up 38 overseas tier-one subsidiaries, with their business extending from Hong Kong to Southeast Asia, Europe and the United States, and the Middle East.

Oriental IC

The industry has taken on an echelon structure of “two superpowers and two strong contenders.” In 2025, CITIC Securities’ overseas revenue was 15.519 billion yuan, up 41.75% year on year, accounting for 20.7% of total revenue. In the Chinese offshore bond market, its investment banking ranked first; its Hong Kong IPO sponsorship ranked second; and its M&A in Asia (excluding Japan) ranked second. CICC’s overseas revenue increased 58% year on year, accounting for nearly 30%, exceeding 80 billion yuan. It opened a branch in Dubai, becoming the first licensed Chinese securities firm in the Gulf.

In 2025, Huatai Securities obtained new key licenses in Singapore, India, the United States, and Japan, further improving its global network. Guotai Junan International’s revenue reached 6.230 billion HKD, up 41% year on year and setting a historical high. In 2026, Huatai and GF Securities successively issued announcements on capital increases for their international subsidiaries, accelerating their global expansion.

Internationalization of sell-side research has become a strategic priority. In March, Huatai and Vietnam’s SSI Securities established a two-way research report cooperation, connecting shared research between the China and Vietnam markets. CITIC Securities Futures established a global research team to deepen cross-border integration. CICC’s research team has more than 320 members, covering more than 1,900 companies worldwide. GF Securities coordinates cross-border services with its full-licensing advantages under “One GF,” and in 2026 it will upgrade its brand to strengthen internationalization.

However, compared with world-class investment banks, Chinese securities firms still have gaps in the proportion of overseas revenue, the reach of their global networks, and penetration of local customers. CICC has upgraded its goal to securing global asset pricing power.

Industry insiders believe that with policy support and expanding market capacity, the proportion of income from overseas business will continue to rise and optimize the industry’s profitability structure. As openness of capital markets deepens, internationalization is becoming a core engine for building world-class investment banks and driving performance growth. (Chen Shiyi)