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China's largest brokerage by assets, formed from the 2025 merger of Guotai Junan and Haitong Securities.
China's largest brokerage by assets, formed from the 2025 merger of Guotai Junan and Haitong Securities.
Makes money from trading commissions, underwriting and advisory fees, interest on margin lending and its own investments, so results swing with Chinese equity trading and issuance. It was formed in 2025 when Guotai Junan absorbed Haitong Securities, combining their client bases. This is the Hong Kong H share.
In one line: China's largest broker-dealer by scale after a mega-merger.
Moat: narrow (scale, brand, distribution). Merger created China's largest broker by capital and branch network scale.
Headquarters: Shanghai, China · Founded: 2025 · Employees: 26,228
Size Guotai Haitong Securities (2611.HK) is a Hong Kong Financials company (Investment Managers) with a market value of $39.8B, the 43rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.93 on 6 Nov 2026.
Performance Over six months the shares fell 5.6%, against +6.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 37.6% over the last twelve months (peer median +8.6%); the operating margin is 69.5% (peer median 26.1%).
Valuation It trades at 6.0× forward earnings against a peer median of 11.7× (3rd cheapest of 21).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$103B | HK$101B | HK$53.2B | HK$49.5B | HK$44.7B |
| Revenue growth | — | +91% | +7% | +11% | — |
| Gross profit | HK$78.0B | HK$82.7B | HK$43.2B | HK$41.3B | HK$36.9B |
| EBITDA | HK$75.7B | HK$54.6B | HK$30.8B | HK$25.5B | HK$26.5B |
| Net income | HK$35.8B | HK$29.7B | HK$13.3B | HK$9.57B | HK$12.8B |
| Free cash flow | -HK$69.1B | -HK$49.4B | -HK$1.74B | HK$21.1B | HK$54.5B |
| Capital expenditure | HK$2.15B | HK$1.78B | HK$1.26B | HK$1.29B | HK$2.07B |
| Total debt | n/a | HK$1.11T | HK$493B | HK$464B | HK$401B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Guotai Haitong Securities 2611.HK | $39.8B | -6% | +38% | 69% | 6.0× | n/a |
| CITIC Securities 6030.HK | $56.2B | -23% | +102% | 22% | 7.1× | n/a |
| China International Capital 3908.HK | $21.3B | -15% | -16% | 55% | 5.6× | n/a |
| Huatai Securities 6886.HK | $22.5B | -12% | +123% | 30% | 5.8× | n/a |
| CSC Financial 6066.HK | $23.5B | -15% | +3% | 49% | 5.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2611.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.1% | +3.4% | lowest of 21 |
| 6-month return | -5.6% | +6.1% | 7th lowest of 21 |
| Distance from 52-week high | -30.2% | -14.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +37.6% | +8.6% | 4th highest of 21 |
| Operating margin | 69.5% | 26.1% | highest of 21 |
| Forward P/E | 6.0× | 11.7× | 3rd cheapest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guotai Haitong Securities 2611.HK | Hong Kong | $39.8B | -6% | +38% | 69% | 6.0× | n/a | n/a |
| Eqt EQT.ST | Sweden | $39.2B | +1% | -18% | 59% | 22.6× | n/a | n/a |
| Ameriprise Financial AMP | United States | $43.5B | +8% | +9% | 28% | 10.0× | n/a | n/a |
| Northern Trust NTRS | United States | $31.3B | +8% | +7% | 24% | 13.7× | n/a | n/a |
| Raymond James Financial RJF | United States | $31.3B | +6% | +10% | 21% | 11.4× | n/a | n/a |
| Ares Management ARES | United States | $30.0B | +7% | +7% | 27% | 20.5× | n/a | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 12% | 9.0× | n/a | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 15% | 11.3× | n/a | n/a |
| CSC Financial 6066.HK | Hong Kong | $23.5B | -15% | +3% | 49% | 5.5× | n/a | n/a |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
| Apollo Global Management APO | United States | $68.9B | -12% | +11% | 11% | 11.5× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| China Merchants Securities 6099.HK | Hong Kong | $20.2B | -10% | +98% | 34% | 4.5× | n/a | n/a |
| KKR & KKR | United States | $86.6B | -6% | +32% | 23% | 11.4× | n/a | n/a |
| Brookfield Asset Management BAM | United States | $86.7B | +6% | +120% | 62% | 26.6× | n/a | n/a |
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| Brookfield BN.TO | Canada | $102B | -8% | +1% | 25% | 13.5× | n/a | n/a |