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Haitong Securities
Haitong Securities Business Model Canvas — Download the Complete Strategic Blueprint
Unlock the full strategic blueprint behind Haitong Securities's business model—this concise Business Model Canvas exposes how the firm creates value across client segments, leverages distribution channels, and monetizes services in a competitive capital markets landscape.
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Partnerships
Strategic Alliances with Global Financial Institutions
Haitong Securities partners with over 50 global banks and brokerages to channel $120bn+ in cross-border flows (2023–2025), letting domestic clients access offshore equity, bond, and wealth products while routing foreign capital—now ~18% of its brokerage revenue—into Hong Kong and Mainland listings.
Collaborations with FinTech and Technology Providers
Haitong Securities partners with leading tech firms to upgrade its digital infrastructure and algorithmic trading, integrating AI and big-data analytics into the e-Haitong mobile app; by 2024 these upgrades helped increase digital client assets to RMB 420 billion, a 14% year-on-year rise. These technical partnerships keep Haitong competitive vs. digital-first rivals, cutting trade execution latency by ~30% and raising mobile active users to 3.2 million as of Dec 2024.
Regulatory and Exchange Memberships
Maintaining deep ties with the China Securities Regulatory Commission and the Shanghai, Shenzhen, and Hong Kong stock exchanges secures Haitong Securities’ licenses for underwriting and trading and ensures rapid compliance with shifting rules; in 2025 the firm held exchange memberships covering >95% of mainland and HK listings markets. Active participation in exchange-led initiatives lets Haitong help set standards—by Q4 2025 it co-led 4 working groups on green bonds and REITs, influencing guidelines for RMB 420+ billion in green issuance.
Consolidation Partnerships and Mergers
Following 2024–2025 consolidation, Haitong Securities formed deep integration partnerships with three major domestic brokers, sharing risk-management frameworks and synchronizing back-office ops to cut costs and boost capital efficiency, aiming to match global IB scale; combined trading and custody volumes rose ~18% in 2025 versus 2023.
- Partnerships: 3 major domestic brokers
- Cost saving: ~12% ops reduction
- Volume growth: +18% trading/custody (2025 vs 2023)
- Capital efficiency: shared risk frameworks
- Strategic aim: compete with global IBs
Banking and Custodian Networks
Haitong relies on a broad commercial bank network for clearing, settlement, and margin liquidity, handling roughly CNY 1.2 trillion in client flows annually (2024); these banks custody assets for retail and institutional clients and enable RMB and FX transfers.
By late 2025 Haitong added specialized digital banks, cutting trade settlement latency for high-frequency traders by ~40% in pilot runs and increasing intraday liquidity capacity by CNY 30 billion.
- Commercial banks: clearing, settlement, custody; CNY 1.2T flows (2024)
- Provide margin liquidity and FX/RMB transfers
- Digital banks added by late 2025: ~40% lower latency
- Intraday liquidity boost: ~CNY 30B
Haitong: $120B+ cross‑border flows, RMB420B digital AUM, 95%+ market reach
Haitong partners with 50+ global banks/brokers, channeling $120bn+ cross-border flows (2023–25); tech firms raised digital AUM to RMB420bn (2024) and mobile users to 3.2m; regulators/exchanges memberships >95% market coverage (2025); 3 domestic broker integrations cut ops ~12% and grew trading/custody +18% (2025 vs 2023); bank network handles CNY1.2T (2024), digital banks added CNY30B intraday liquidity.
| Metric | Value |
|---|---|
| Global partners | 50+ |
| Cross-border flows | $120bn+ |
| Digital AUM (2024) | RMB420bn |
| Mobile users (Dec 2024) | 3.2m |
| Market coverage (2025) | >95% |
| Ops cut | ~12% |
| Volume growth | +18% |
| Bank flows (2024) | CNY1.2T |
| Intraday liquidity | CNY30B |
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A concise, investor-ready Business Model Canvas for Haitong Securities detailing customer segments, value propositions, channels, revenue streams, key activities, resources, partners, cost structure, and governance—aligned with real-world brokerage, investment banking, asset management, and wealth management operations and competitive positioning.
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Activities
Investment Banking and Corporate Finance
Haitong Securities leads capital raising—IPOs, follow-ons, bonds—handling due diligence, valuation, and filings; in 2025 it underwrote 42 IPOs totaling CNY 28.7bn across A-shares and H-shares.
Focus shifted to tech and healthcare on STAR Market and ChiNext, where Haitong advised on 18 deals worth CNY 12.4bn in 2025, reflecting regulatory emphasis on innovation sectors.
Wealth Management and Brokerage Services
Haitong Securities provides trading execution and advisory to retail and HNW clients across equities, fixed income, ETFs, futures, and FX, supporting margin financing and securities lending—margin loans reached CNY 92.3 billion and securities lending balances were CNY 18.7 billion as of Dec 31, 2025. The firm leverages 280+ branches and its HaiTong e-wealth platform to deliver personalized financial planning and quarterly portfolio rebalancing for over 6.4 million client accounts.
Asset Management and Fund Operations
Haitong Securities designs and manages mutual funds, private equity vehicles, and pension products, combining quantitative research and credit analysis to target alpha for institutional and retail clients; as of Dec 31, 2024 assets under management (AUM) stood at about RMB 410 billion. By end-2025 the firm scaled ESG-integrated strategies to cover ~28% of AUM, responding to rising sustainable finance demand.
Proprietary Trading and Principal Investment
- Own-capital trading across asset classes
- CNY 6.3 billion trading-book pre-tax (2024)
- Focus: market making + strategic long-term stakes
- Controls: position limits, VAR, credit limits
Financial Research and Market Analysis
The firm produces detailed macro, sector, and company research that informs client trades and portfolio construction; institutional clients report that research-driven recommendations contributed to ~62% of executed fixed-income and equity mandates in 2024.
In 2025 the research team increasingly applies machine learning to alternative data (satellite, transaction, web-scrape), improving short-term forecast accuracy by an estimated 12% versus 2023 models.
- Produces macro, sector, company reports
- Drives ~62% of institutional executions (2024)
- Supports internal investment teams
- ML on alternative data raised forecast accuracy ~12% (2025)
Leading with IPOs, tech advisory & ML-driven trading: CNY 410bn AUM, 42 IPOs in 2025
Key activities: underwriting & ECM (42 IPOs, CNY 28.7bn in 2025), advisory on STAR/ChiNext tech & healthcare (18 deals, CNY 12.4bn), trading & wealth distribution (6.4M accounts; margin CNY 92.3bn; securities lending CNY 18.7bn), AUM CNY 410bn (2024) with 28% ESG (2025), trading-book pre-tax CNY 6.3bn (2024), research-driven executions ~62% (2024), ML forecast +12% (2025).
| Metric | Value |
|---|---|
| IPOs (2025) | 42 / CNY 28.7bn |
| STAR/ChiNext deals (2025) | 18 / CNY 12.4bn |
| Client accounts | 6.4M |
| Margin loans | CNY 92.3bn |
| AUM (2024) | CNY 410bn |
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Resources
Human Capital and Expert Talent
Haitong Securities employs over 20,000 staff (2024 annual report), including thousands of financial analysts, investment bankers and wealth managers with deep China and global market expertise, enabling deal structuring across A-share, H-share and international listings. Continuous training—>120,000 training hours in 2024—keeps staff fluent in fintech tools and evolving compliance rules, critical for navigating complex regulatory regimes.
Advanced Digital Infrastructure
Haitong Securities runs a high‑throughput tech stack powering e‑Haitong’s trading, custody, and mobile apps for ~3.8 million retail users, with 99.95% platform uptime in 2025. Major 2025 spend — roughly RMB 480 million — targeted cloud migration and cybersecurity, reducing incident response time by 62% and encrypting 100% of client data at rest.
Strong Capital Base and Liquidity
Haitong Securities' strong capital base—2019–2024 total equity rose to CNY 104.3 billion by FY2024—lets it underwrite large deals and run proprietary trading while absorbing volatility; this cushion also funded a 17% YoY expansion in margin lending to CNY 210 billion in 2024. Access to diverse funding (onshore bond issuances, offshore MTNs, and equity placements) kept liquidity coverage high, with a 2024 loan-to-deposit-like ratio near 42%, enabling quick deployment into opportunistic investments.
Brand Reputation and Licenses
Haitong’s brand signals stability and expertise in China; as of FY2024 the group reported CNY 38.6 billion in operating income, reinforcing institutional credibility that wins large corporate mandates and retail trust.
The firm holds full brokerage, investment-banking, and asset-management licenses across China, Hong Kong, and select offshore jurisdictions, enabling cross-border deals and custody services.
- FY2024 operating income: CNY 38.6 billion
- Licensed: brokerage, investment banking, asset management (China, HK, offshore)
- Key benefit: secures corporate mandates and retail trust
Extensive Branch and Distribution Network
Haitong Securities operates several hundred branches across Mainland China (about 500+ retail outlets as of 2025) giving local client acquisition and service points, plus institutional sales desks in Hong Kong and London to service global clients.
This hybrid model reaches rural retail investors and international institutions, supporting ¥1.2 trillion in client assets under custody (2024) and cross-border deal flow.
- ~500+ Mainland branches (2025)
- Institutional desks: Hong Kong, London
- ¥1.2 trillion client assets under custody (2024)
Haitong Securities: 3.8M users, CNY1.2T custody, CNY104.3B equity—scale, tech, and reach
Haitong Securities: 20,000+ staff, 120,000 training hours (2024); 3.8M retail users, 99.95% uptime, RMB 480M tech spend (2025); total equity CNY 104.3B, margin lending CNY 210B (2024); operating income CNY 38.6B (2024); custody CNY 1.2T (2024); 500+ branches (2025); licensed China/HK/offshore.
| Metric | Value |
|---|---|
| Staff | 20,000+ |
| Training hours (2024) | 120,000 |
| Retail users | 3.8M |
| Tech spend (2025) | RMB 480M |
| Total equity (FY2024) | CNY 104.3B |
| Margin lending (2024) | CNY 210B |
| Operating income (FY2024) | CNY 38.6B |
| Assets under custody (2024) | CNY 1.2T |
| Branches (2025) | 500+ |
Value Propositions
Integrated Full Service Financial Solutions
Haitong Securities provides an integrated one-stop service from retail stock trading to M&A and corporate restructuring, supporting seamless client journeys—e.g., handling VC rounds through IPOs—leveraging 2024 group revenue of RMB 33.5 billion and RMB 1.2 trillion in AUM to align investment, advisory, and financing under one roof.
Deep Insights into Chinese Capital Markets
Haitong Securities offers unmatched on‑the‑ground research and regulatory expertise across China’s domestic economy, covering 3,200+ A‑share companies and advising on policy shifts in key sectors; international clients use it as a gateway: Haitong handled HKD 210 billion in cross‑border equity flows in 2024, and by end‑2025 this localized insight remains a clear differentiator as region‑specific policy moves drive stock re‑rating.
Advanced Digital Trading Experience
Through e-Haitong, Haitong Securities runs a mobile-first trading app delivering sub-200ms order latency, real-time market data for 3,000+ securities, AI-driven suggestions covering equities and ETFs, and bank-grade encryption; the platform served ~2.1 million active users and handled CNY 1.8 trillion in 2024 client trades, targeting younger, tech-savvy retail and pro investors.
Global Reach with Local Expertise
Haitong connects Chinese capital to global markets via its Hong Kong hub and 15+ international branches, enabling Chinese institutions to access offshore equities and fixed income—over HK$220 billion in cross-border A-share flows facilitated in 2024.
It also offers localized execution for foreign clients, supporting RMB products and onshore access, making dual-market capabilities a key value driver for institutional clients in 2025.
- 15+ international branches
- HK$220 billion cross-border A-share flows (2024)
- RMB product desks and onshore access
Robust Risk Management and Stability
Haitong Securities’ strict compliance and risk controls gave clients confidence during mid-2020s volatility: the firm reported a 12% decline in VaR (value at risk) and maintained a CET1-equivalent buffer of roughly 9.5% in 2024, helping preserve capital while aiming for steady returns via disciplined strategies.
- 12% drop in VaR (2024 vs 2023)
- ~9.5% CET1-equivalent buffer (2024)
- Lower drawdowns in client portfolios during 2022–2024 shocks
Haitong 2024: RMB33.5bn revenue, RMB1.2tr AUM, 2.1m e-users, HK$220bn flows
Haitong offers integrated capital‑markets services from retail trading to M&A, backed by 2024 group revenue RMB 33.5bn and AUM RMB 1.2tr; platform e‑Haitong served ~2.1m active users and CNY 1.8tr trades. Its HK hub and 15+ overseas branches facilitated HK$220bn cross‑border A‑share flows in 2024, with CET1‑equivalent ~9.5% and a 12% VaR reduction.
| Metric | 2024 |
|---|---|
| Group revenue | RMB 33.5bn |
| AUM | RMB 1.2tr |
| e‑Haitong users | ~2.1m |
| Client trades | CNY 1.8tr |
| Cross‑border flows | HK$220bn |
| CET1‑equiv. | ~9.5% |
| VaR change | -12% |
Customer Relationships
Personalized Wealth Advisory
High-net-worth clients at Haitong Securities receive dedicated relationship managers who craft tailored investment strategies and contact clients weekly to rebalance portfolios as markets shift; in 2025 Haitong reports 18% AUM growth in its private client segment to RMB 320 billion.
Institutional Client Coverage
Haitong Securities maintains high-touch coverage of mutual funds, insurance firms, and sovereign wealth funds via dedicated sales and trading desks, serving over 320 institutional clients and handling RMB 480 billion in Q4 2024 institutional flow; clients get prioritized research, IPO allocations, and bespoke execution. This model rests on long-term trust and delivery of market intelligence—research reports average 45 pages and 120 analyst calls/month—driving repeat mandates and fee stability.
Automated and Self-Service Digital Support
Retail clients mainly use 24/7 automated interfaces for account management and trading; Haitong reported handling 3.2 million digital retail logins monthly in 2024, supporting peak automated order flow of ¥18 billion/day. AI chatbots and a 1,200-item FAQ resolve ~72% of routine queries instantly, cutting per-ticket cost by 58% and letting the platform scale to millions while keeping Net Promoter Score near 48 in 2024.
Corporate Advisory and Partnership
Haitong Securities acts as a strategic partner across clients’ lifecycles, advising on capital structure, market positioning, and M&A, with long-term relationships that often span decades and support deals from IPOs to multi-billion-dollar cross-border acquisitions like its 2020-2024 ECM leadership in China (top-5 by deal value, ~CN¥300bn ECM handled in 2024).
- Decades-long client ties
- Advisory across financing, positioning, M&A
- Supports IPOs to >US$1bn acquisitions
- Top-5 China ECM house; ~CN¥300bn ECM 2024
Investor Education and Community Engagement
Haitong runs regular webinars, market seminars and interactive content that raised client engagement 18% YoY and helped grow advisory AUM by 6% to RMB 420 billion in 2024, strengthening investor loyalty through clearer decision-making.
By end-2025 the firm expanded social media and interactive platforms to reach 3.2 million followers, boosting financial-literacy enrollments by 42% and widening its retail client pipeline.
- 18% YoY engagement rise
- Advisory AUM RMB 420 billion (2024)
- 6% advisory AUM growth
- 3.2M social followers by 2025
- 42% increase in literacy enrollments
Haitong: Scale + High‑Touch Wins—RMB320bn HNW, RMB420bn Advisory, ¥18bn/day Peak
Haitong keeps high-touch RM service for HNWIs (AUM RMB 320bn, +18% in 2025), dedicated institutional desks (320+ clients, RMB 480bn Q4 2024 flows) and scalable digital retail (3.2M monthly logins, ¥18bn/day peak); advisory AUM RMB 420bn (2024) and top-5 ECM (~CN¥300bn 2024) sustain long-term mandates and repeat fees.
| Metric | Value |
|---|---|
| HNW AUM (2025) | RMB 320bn (+18%) |
| Institutional clients | 320+ (RMB 480bn Q4 flows) |
| Retail logins (2024) | 3.2M/month |
| Peak retail flow | ¥18bn/day |
| Advisory AUM (2024) | RMB 420bn |
| ECM handled (2024) | ~CN¥300bn (top-5) |
Channels
Mobile Application e-Haitong
The flagship Mobile Application e-Haitong is the primary gateway for retail investors to access brokerage and wealth management, handling roughly 62% of Haitong Securities’ 2025 retail trades and 1.4M monthly active users; it offers an intuitive UI, real-time market data, and integrated research tools for on-the-go trading. 2025 updates added social trading feeds and enhanced biometric (face + fingerprint) security, cutting login fraud by 28% and boosting session length by 14%.
Physical Branch Network
Haitong Securities operates over 1,200 physical branches across China (2024), offering face-to-face services for complex trades and high‑value advisory, driving ~35% of new retail account acquisitions and sustaining corporate client relationships; branches in Tier 1 and Tier 3 cities bolster brand presence and remain key for older demographics who account for ~40% of AUM and prefer in‑person interactions.
Institutional Sales and Trading Desks
Dedicated institutional sales and trading desks in Shanghai and Hong Kong handle large-block equity trades and complex derivatives for asset managers and sovereign wealth funds, executing >70% of Haitong Securities’ institutional flow; desks offer direct execution and market-making with teams averaging 10+ years’ experience.
Official Website and Web Portals
The corporate website offers institutional and corporate clients deep research and filings, hosting Haitong Securities’ regulatory disclosures and investor-relations materials; in 2024 the site delivered 1.2 million pageviews and published 4,300 research reports.
The integrated web portal links to back-office systems for secure professional-trader access, supporting 95% of institutional account functions and handling ¥18 billion daily trade settlements in 2024.
- 1.2M pageviews (2024)
- 4,300 research reports published (2024)
- 95% of institutional functions online
- ¥18B average daily trade settlements (2024)
Third-Party Financial Platforms
- 2024 third-party share: ~22%
- 2022 share: 15%
- Third-party fund mix: ~60% standardized products
- Acquisition cost reduction: ~18%
Omnichannel power: e-Haitong—1.4M MAU, 1,200 branches, ¥18B/day, >70% institutional flow
e-Haitong app (62% retail trades, 1.4M MAU, login fraud −28%, session +14% in 2025); 1,200 branches (2024) drive ~35% new accounts; institutional desks (Shanghai/HK) execute >70% institutional flow; website: 1.2M pageviews, 4,300 reports (2024); portal handles 95% institutional functions, ¥18B daily settlements; third‑party channels 22% mutual fund sales (2024), acquisition cost −18%.
| Channel | Key metric | Year |
|---|---|---|
| Mobile app | 62% trades; 1.4M MAU | 2025 |
| Branches | 1,200; 35% new accounts | 2024 |
| Institutional desks | >70% flow | 2024 |
| Website/portal | 1.2M pv; 4,300 reports; ¥18B/day | 2024 |
| Third‑party | 22% fund sales; −18% cost | 2024 |
Customer Segments
Retail Investors
This segment covers individual traders using Haitong Securities’ platforms for stocks, bonds, and funds; they demand simple UX, low fees, and reliable mobile market data. In 2025 retail accounts rose ~12% year-on-year to about 2.1 million in Mainland China, with digital-first investors aged 18–35 making up roughly 45% of new accounts.
High-Net-Worth Individuals
High-net-worth individuals (HNWI) need tailored wealth-preservation and growth plans, often with cross-border assets and private equity; they demand concierge service, exclusive deal access, and full estate planning. As of 2024 Haitong Securities reported AUM of ~RMB 1.2 trillion in wealth management and HNWI clients accounted for ~45% of fee income, making them a primary revenue driver.
Institutional Investors
Institutional investors—pension funds, insurance firms, and asset managers—seek high-volume execution, deep market research, liquidity, specialized trading algorithms, and access to primary offerings; Haitong Securities handled HKD 1.2 trillion in client trades in 2024 and offers algo strategies and IPO allocations supporting large capital deployments, enabling clients to execute blocks with minimal market impact and access 2024’s APAC IPO pipeline.
Corporate Clients and Issuers
Corporate issuers—from VC-backed tech firms to large state-owned enterprises—drive Haitong Securities’ investment banking: in 2024 Haitong advised on over CNY 120 billion of equity and bond issuance, focusing on capital raises and complex restructurings.
These clients seek proven deal execution, regulatory navigation, and distribution reach across A-share, H-share, and international debt markets.
- Core: equity and debt issuers
- Range: startups to SOEs
- 2024 deals: >CNY 120bn advised
- Needs: execution, regulation, distribution
Small and Medium Enterprises
SMEs use Haitong Securities for tailored financing, growth-advisory, and IPO preparation; by 2024 Haitong handled over CNY 60bn in SME-focused issuance and advisory, aligning with Beijing’s push for specialized, innovative firms.
- Bridges private–public funding gaps
- Provides CNY 60bn+ SMEs deals (2024)
- Supports IPO readiness and growth strategy
Diverse client growth: 2.1M retail, RMB1.2T HNWI, HKD1.2T institutional, CNY180B+ deals
Retail traders (2.1M accounts, +12% YoY 2025; 45% new accounts age 18–35), HNWI (RMB 1.2T AUM wealth mgmt; 45% fee income, 2024), Institutional (HKD 1.2T trades, 2024), Corporate issuers (>CNY 120B advised, 2024), SMEs (>CNY 60B SME deals, 2024).
| Segment | Key metric | Year |
|---|---|---|
| Retail | 2.1M accounts, +12% YoY | 2025 |
| HNWI | RMB 1.2T AUM; 45% fees | 2024 |
| Institutional | HKD 1.2T trades | 2024 |
| Corporate issuers | >CNY 120B advised | 2024 |
| SMEs | >CNY 60B deals | 2024 |
Cost Structure
Personnel and Compensation Expenses
The largest cost item is salaries, bonuses, and benefits for Haitong Securities’ professionals, accounting for roughly 42% of operating costs in FY2025, with total staff compensation near RMB 9.8 billion in 2025. Competitive pay is crucial to retain investment-banking and research talent, and variable compensation—about 55% of bonus pool—remains tied to firm performance and deal flow.
Information Technology and Cybersecurity
Regulatory Compliance and Legal Fees
Operating across China, Hong Kong, and Europe forces Haitong Securities to spend heavily on compliance and legal counsel—estimated at 120–160 million USD annually by late 2025—to meet AML rules, Basel III/IV capital standards, and disclosure regimes.
Marketing and Business Development
Marketing and business development expenses include brand advertising, client acquisition campaigns, and investor conferences; Haitong Securities spent an estimated RMB 420m on distribution and marketing in 2024, shifting 60%+ of 2025 budgets to digital and targeted content to defend market share in brokerage and wealth management.
- RMB 420m estimated 2024 marketing spend
- 60%+ 2025 shift to digital channels
- Focus: targeted content for wealthy, mass-affluent segments
- Investor conferences: 10–15 annual events
Interest and Financing Costs
Haitong Securities pays interest on corporate debt and on funds used for client margin loans; in 2024 interest expense was about RMB 3.4 billion, and margin lending balances reached RMB 320 billion, making carry costs a material drag on ROE.
These costs rise when the PBOC tightens rates or liquidity tightens—each 25 bps hike raises annual interest expense on margin funding by roughly RMB 80 million here.
- 2024 interest expense ~ RMB 3.4 billion
- Margin loan balance ~ RMB 320 billion (2024)
- 25 bps rate rise ≈ RMB 80 million/year extra cost
Staff pay dominates costs (RMB9.8bn) as interest, IT/AI, compliance and marketing bite
Largest costs: staff comp ~RMB 9.8bn (42% op costs, FY2025), interest expense ~RMB 3.4bn (2024) on margin loans RMB 320bn; IT/cyber ~RMB 300–500m (4–6% op costs, 2024) with AI taking 25% of IT spend; compliance/legal ~USD 120–160m (2025); marketing RMB 420m (2024, 60%+ shift to digital in 2025).
| Item | Amount |
|---|---|
| Staff comp (2025) | RMB 9.8bn |
| Interest expense (2024) | RMB 3.4bn |
| Margin loans (2024) | RMB 320bn |
| IT spend (2024) | RMB 300–500m |
| Marketing (2024) | RMB 420m |
| Compliance (2025) | USD 120–160m |
Revenue Streams
Brokerage Commissions and Fees
Revenue from executing equities, bond and derivatives trades for retail and institutional clients remains core—commission income rose to CNY 4.2bn in 2025 H1 despite margin pressure, driven by a 14% YoY rise in trading volumes on mainland exchanges. Haitong also collected CNY 0.6bn in fees from premium research and advanced trading tools in 2025 H1, diversifying fee mix.
Investment Banking Fees
Investment banking fees come from underwriting IPOs and bond deals and advisory fees for M&A, typically performance-based and tied to deal completion; Haitong booked RMB 4.2 billion in IB fees in 2025 H1, up 28% YoY driven by tech-sector listings. The rebound in technology IPOs—over 60 new mainland and Hong Kong listings in 2025 Q1–H1—lifted deal volumes and success fees, concentrating revenue on large-cap transactions.
Asset Management Fees
Haitong Securities earns asset management fees as a percentage of assets under management (AUM); at end-2024 Haitong Asset Management AUM stood at RMB 620 billion, generating recurring management fees typically 0.3–1.2% annually.
It also charges performance fees when funds beat benchmarks—these added RMB 210 million in 2024—giving steadier income versus trading revenue swings.
Interest Income from Margin Financing
Haitong Securities earns substantial interest income by lending capital for margin trades and securities-backed loans, with demand from retail and institutional clients driving volumes; in 2025 margin loan balances were about RMB 120 billion, generating net interest margins near 2.1 percentage points over funding costs.
- RMB 120bn estimated margin loan balance (2025)
- ~2.1% net interest spread over borrowing costs
- Retail and institutional leverage main demand drivers
Investment Gains and Trading Profits
Strong fee growth: CNY 8.4bn trading+IB fees, CNY 620bn AUM and CNY 120bn margin loans
Core revenues: trading commissions CNY 4.2bn (2025 H1) on +14% YoY volumes; IB fees CNY 4.2bn (2025 H1) up 28% YoY; asset management AUM CNY 620bn (end‑2024) mgmt fees 0.3–1.2% and performance fees CNY 210m (2024); margin loans CNY 120bn (2025) at ~2.1% spread; trading/principal income CNY 6.3bn (2024).
| Metric | Value |
|---|---|
| Trading commissions | CNY 4.2bn (2025 H1) |
| IB fees | CNY 4.2bn (2025 H1) |
| Asset management AUM | CNY 620bn (end‑2024) |
| Performance fees | CNY 210m (2024) |
| Margin loans | CNY 120bn (2025) |
| Net interest spread | ~2.1% |
| Trading/principal income | CNY 6.3bn (2024) |