SOME of China’s brokerages have reported that their preliminary net profit growth for 2015 more than doubled from the previous year, demonstrating they were able to successfully negotiate the months-long stock market turmoil that began in mid-June.

    Since the Chinese stock market tumbled more than 40 percent in summer last year, brokerages have faced a clampdown on margin financing, a temporary suspension of listings and regulator probes for allegedly illegal activities.

    But these have not weighed down brokerage profits, which have risen on new account openings and margin finance gains, according to the preliminary 2015 results this week of some brokerages.

    Shenwan Hongyuan and Founder Securities, both among China’s top-10 listed brokerages by market capitalization, said their unaudited 2015 net profit was up 168.2 percent and between 100 to 160 percent, respectively, compared with the prior year.

    Smaller outfits Guoyuan Securities, Northeast Securities, Guolian Securities and Changjiang Securities reported preliminary unaudited profits of between 100 to 148 percent.

    Guolian said Monday its profit growth was partly due to the use of the Internet, significant account growth and margin trading profits.

    China’s largest brokerage CITIC Securities is one brokerage that has been under increased scrutiny after the stocks slump. In December, CITIC said was unable to contact two top executives, following media reports they had been asked by authorities to assist in an investigation.

    In August, Xinhua reported four senior CITIC officials had confessed to insider dealing.

    CITIC said in December its profit for 2015 will be lower due to bad-debt losses. (SD-Agencies)