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China's premier investment bank for large IPOs, M&A and institutional research, with Morgan Stanley heritage.
China's premier investment bank for large IPOs, M&A and institutional research, with Morgan Stanley heritage.
Earns fees for advising on and underwriting share and bond sales and mergers, particularly for large state-owned and cross-border clients, plus commissions on institutional trading and income from wealth management. Central Huijin, a Chinese state investment arm, is the largest shareholder.
In one line: China's Goldman Sachs for blue-chip IPOs and M&A.
Moat: narrow (brand, scale, distribution). Elite-brand relationships with large state and blue-chip issuers built since its 1995 founding.
Headquarters: Beijing, China · Founded: 1995 · Employees: 14,218
Size China International Capital (3908.HK) is a Hong Kong Financials company (Investment Banks/Brokers) with a market value of $21.3B, the 82nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$18.40 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against -2.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 15.8% over the last twelve months (peer median +22.4%); the operating margin is 55.5% (peer median 36.4%).
Valuation It trades at 5.6× forward earnings against a peer median of 14.2× (cheapest of 21).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$42.0B | HK$53.4B | HK$35.2B | HK$44.0B | HK$31.5B |
| Revenue growth | — | +51% | -20% | +40% | — |
| Gross profit | HK$30.3B | HK$46.1B | HK$28.8B | HK$36.0B | HK$24.2B |
| EBITDA | n/a | HK$22.3B | HK$18.0B | HK$17.3B | HK$20.3B |
| Net income | HK$18.8B | HK$9.82B | HK$5.42B | HK$6.07B | HK$8.19B |
| Free cash flow | HK$27.9B | HK$55.5B | HK$29.1B | -HK$21.8B | -HK$7.21B |
| Capital expenditure | HK$615M | HK$830M | HK$1.02B | HK$1.61B | HK$1.84B |
| Total debt | HK$473B | HK$392B | HK$348B | HK$309B | HK$308B |
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 |
|---|---|---|---|---|---|---|
| China International Capital 3908.HK | $21.3B | -15% | -16% | 55% | 5.6× | n/a |
| CITIC Securities 6030.HK | $56.2B | -23% | +102% | 22% | 7.1× | n/a |
| Guotai Haitong Securities 2611.HK | $39.8B | -6% | +38% | 69% | 6.0× | n/a |
| CSC Financial 6066.HK | $23.5B | -15% | +3% | 49% | 5.5× | n/a |
| Goldman Sachs GS | $250B | -8% | +12% | 40% | 12.0× | 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 | 3908.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.9% | +1.1% | 6th lowest of 21 |
| 6-month return | -15.4% | -2.4% | 4th lowest of 21 |
| Distance from 52-week high | -22.4% | -17.4% | 9th lowest of 21 |
| Revenue growth (TTM) | -15.8% | +22.4% | 4th lowest of 21 |
| Operating margin | 55.5% | 36.4% | 5th highest of 21 |
| Forward P/E | 5.6× | 14.2× | cheapest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China International Capital 3908.HK | Hong Kong | $21.3B | -15% | -16% | 55% | 5.6× | n/a | n/a |
| GF Securities 000776.SZ | China | $20.9B | -10% | +37% | 42% | 7.8× | n/a | n/a |
| Huatai Securities 6886.HK | Hong Kong | $22.5B | -12% | +123% | 30% | 5.8× | n/a | n/a |
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 13% | 10.5× | n/a | n/a |
| Euronext ENX.PA | France | $18.8B | +21% | +14% | 52% | 19.7× | n/a | n/a |
| Singapore Exchange S68.SI | Singapore | $17.2B | -2% | +14% | 57% | 27.0× | n/a | n/a |
| BSE BSE.NS | India | $16.4B | -4% | +58% | 65% | 47.0× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
| China Galaxy Securities 601881.SS | China | $16.1B | -8% | -20% | 37% | 9.5× | n/a | n/a |
| Meritz Financial 138040.KS | South Korea | $15.7B | +18% | +31% | 49% | 8.6× | n/a | n/a |
| Shenwan Hongyuan 000166.SZ | China | $15.5B | -8% | -26% | 31% | 10.9× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Daiwa Securities 8601.T | Japan | $14.0B | +11% | +18% | 17% | 10.8× | n/a | n/a |
| Futu Holdings Ltd. Sponsored ADR FUTU | United States | $13.7B | -32% | +44% | 69% | 6.8× | n/a | n/a |
| Japan Exchange 8697.T | Japan | $13.4B | +11% | +40% | 61% | 19.7× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| TMX X.TO | Canada | $12.1B | +10% | +4% | 28% | 22.8× | n/a | n/a |
| Freedom FRHC | United States | $11.4B | +28% | +8% | 29% | 39.7× | n/a | n/a |
| Evercore EVR | United States | $10.9B | -17% | +37% | 22% | 14.2× | n/a | n/a |
| Jefferies Financial JEF | United States | $10.9B | -11% | +26% | 41% | 11.3× | n/a | n/a |