CITIC Securities profit up 23%

    CITIC Securities Co., China’s biggest brokerage by total assets, yesterday reported a 23 percent increase in its net profit in 2013, its fastest rate of growth in three years, as an active domestic equity market boosted its business.

    The firm’s net profit increased to 5.2 billion yuan (US$859.1 million) from 4.2 billion yuan a year earlier, it said in an exchange filing, reversing a fall in 2012, when its net profit was down by two thirds. The rise in 2013 marks the highest growth since 2010, when the firm’s net profit rose nearly 26 percent.

    Bank of China to have new president

    BANK of China president Li Lihui will retire and Chen Siqing, executive vice president of the bank, is set to succeed him, Shanghai Securities Journal reported yesterday.

    Li, 62 years old, has been president of Bank of China for nearly 10 years. He will become a member of the National People’s Congress’ Financial and Economic Committee after retiring from the bank, the report said. Chen, who joined Bank of China in 1990, has been serving as executive vice president since June 2008.

    Fosun to launch real estate venture

    FOSUN International Ltd. and Prudential Financial Inc. said yesterday they will launch a real estate joint venture aimed at investing in urban projects in China.

    The firms did not give a size of their investment in the venture, but said without elaborating that they also expect to work together on real estate projects outside of China. The Chinese conglomerate and the second-largest U.S. life insurer have previously invested in a 50/50 Shanghai-based life insurance joint venture, Pramerica Fosun Life Insurance Co., which started in September 2012, as well as two private equity funds.

    Shares have biggest gain in two months

    CHINA’S shares had their best day in two months yesterday as volumes surged, with the battered property sector leading an extension of a rebound as cash rates eased further.

    The CSI300 of the biggest Shanghai and Shenzhen A-share listings ended up 2.58 percent at 2,243.8 points, while the benchmark Shanghai Composite Index climbed 2.16 percent. The gains were the biggest in a single day since Nov. 18, and helped the indices bounce further from multi-month lows recorded Monday. The Shenzhen Composite Index also closed up 2.35 percent at 1,067.05.