Securities firms’ revenue hits US$52b

CHINA’S 135 securities brokers saw their operating revenues reach 342.38 billion yuan (US$52 billion) in the first three quarters, according to the Securities Association of China.

In breakdown, revenues from securities trading came in at 90 billion yuan, while that of securities underwriting and sponsoring business, and asset management stood at 43.16 billion yuan and 21.26 billion yuan respectively during the period, the association said. The net profits of the securities companies totaled 132.68 billion yuan in the first nine months, according to the association.

Insurance AMC, PE fund products hit US$98.61b

THE value of products registered by China’s insurance asset management companies (AMCs) and private equity (PE) fund managers in the first 10 months of 2020 totaled 648.72 billion yuan (US$98.61 billion), up 47.15 percent year on year.

The number of products registered by 31 AMCs and 10 PE fund managers rose 66.14 percent year on year to 314 during the period, according to the Insurance Asset Management Association of China. Among the total, 291 were registered for debt investment plans and nine for equity investment plans, with the fund size reaching 504.78 billion yuan and 20.02 billion yuan, respectively, the association said.

China Mobile builds over 385,000 5G stations

CHINA Mobile, one of the country’s leading telecom operators, has built more than 385,000 5G base stations.

Dong Xin, general manager of China Mobile, said that the stations provide 5G services for all prefecture-level cities and some major counties in the country. China Mobile has more than 130 million subscribers of 5G service packages and the number of connected 5G terminals has exceeded 90 million.

Regulator approves three tech innovation IPOs

THE securities regulator has approved the initial public offering (IPO) registration of three companies on the science and technology innovation board.

Wuxi Hyatech Co., Shenzhen Sunmoon Microelectronics Co. and Dongguan Dingtong Precision Metal Co. will be listed on the Shanghai Stock Exchange’s STAR market, according to the China Securities Regulatory Commission. The companies and their underwriters will confirm the IPO dates and publish their prospectuses following discussions with the stock exchange.