In the first half, China Merchants Securities realized about 3.28 billion yuan of revenue and 1.47 billion yuan net profit. Its fund management revenue reached about 737 million yuan, accounting for one quarter of the total commission fees.

Everbright Securities Co and China Merchants Securities Co passed hearings at the listing panel of the China Securities Regulatory Commission, the penultimate step in the process of getting stock sale approvals, in June and September 2008 respectively.

According to the pre-release prospectus, Everbright Securities plans to issue up to 520 million A shares. If the PE (price-to-earnings) ratio was set at 20 to 25 times, it could raise over 10 billion yuan of capital. China Merchants Securities plans to issue 359 million A shares. Its raised capital was estimated to be about 8 billion yuan.

Since the securities watchdog resumed IPOs in June, three companies have got listed on the on the small- and medium-sized enterprise board in Shenzhen. China State Construction Engineering Corp and Sichuan Expressway Co got the final green light to go public on the main board in Shanghai.

(China Daily July 24, 2009)