Who are China Merchants Securities's main competitors?

Named competitors: GF Securities (1776.HK), Guotai Haitong (2611.HK), Huatai Securities (6886.HK), CSC Financial (6066.HK). The cockpit's measured peer set (industry) also includes Pershing Square (PS), Partners (PGHN.SW), Amundi (AMUN.PA), TPG (TPG), T. Rowe Price (TROW), CSC Financial (601066.SS).

Is China Merchants Securities expensive compared with its peers?

On forward p/e it trades at 4.5× against a peer median of 13.2×, cheapest of 21 in its peer set.

How has China Merchants Securities stock performed?

Over six months to 6 Nov 2026 the shares returned -10.4% against +7.2% for the median peer; over one year -19.9%.

← CockpitCompetitor Analysis › 6099.HK China Merchants Securities Co., Ltd. Class HOpen in the cockpit ↗

China Merchants Securities Co., Ltd. Class H6099.HKCompetitor analysis, valuation and peers

Hong Kong · HKD·Financials›Investment Managers

Brokerage and wealth-management arm of the China Merchants Group conglomerate.

≈ A conglomerate-affiliated Chinese full-service brokerMomentum neutral 44

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$20.2B

US dollars, full cap

Free float

36%

of shares outstanding

$/day

$5.41M

20-day average traded

Fwd P/E

4.5×

forward earnings

ROIC−WACC

n/a

WACC 5.3%

Hurdle

n/a

no reverse DCF

Next earnings

139 days

25 Mar 2027

Close · HKDHK$12.74

1D-1.6%

1W+3.6%

1M-8.8%

3M-16.5%

6M-10.4%

YTD-8.6%

1Y-19.9%

ATR %3.7%

52w lowhigh31.7% off high

What China Merchants Securities does

Brokerage and wealth-management arm of the China Merchants Group conglomerate.

Earns commissions on customer share trades, interest on margin loans, underwriting fees and gains on its own investments, so results move with market activity. This is the Hong Kong-listed share class of the Shanghai-listed company; the state-owned China Merchants Group is its ultimate owner.

In one line: A conglomerate-affiliated Chinese full-service broker.

Products and services

Brokerage
Wealth management
Investment banking
Asset management

Customers

Retail and institutional investors
Corporate issuers

Where it sits in the supply chain

Financials
Capital markets
Brokerage, wealth & asset management

What could go right

Cross-sell within China Merchants ecosystem
Trading volume recovery

What could go wrong

Equity market cyclicality
Fee-rate competition

Moat: narrow (brand, distribution). China Merchants Group backing and client referrals via its banking/shipping/property units.

Headquarters: Shenzhen, China · Founded: 1991 · Employees: 12,792

Named competitors

China Merchants Securities at a glance

Size China Merchants Securities (6099.HK) is a Hong Kong Financials company (Investment Managers) with a market value of $20.2B, the 91st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.74 on 6 Nov 2026.

Performance Over six months the shares fell 10.4%, against +7.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.

Growth Revenue grew 97.8% over the last twelve months (peer median +9.4%); the operating margin is 33.7% (peer median 30.8%).

Valuation It trades at 4.5× forward earnings against a peer median of 13.2× (cheapest of 21).

Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: China Merchants Securities against the median of its 20 peers (local-currency closes).

China Merchants Securities financials

Reported figures in HKD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	HK$79.4B	HK$45.3B	HK$32.8B	HK$33.6B	HK$32.1B
Revenue growth	—	+38%	-2%	+5%	—
Gross profit	HK$69.2B	HK$37.0B	HK$24.8B	HK$25.4B	HK$24.5B
EBITDA	HK$27.8B	HK$19.5B	HK$16.6B	HK$15.2B	HK$15.8B
Net income	HK$19.3B	HK$12.7B	HK$10.6B	HK$9.05B	HK$8.67B
Free cash flow	-HK$21.5B	-HK$40.4B	HK$11.3B	-HK$29.7B	HK$74.5B
Capital expenditure	HK$940M	HK$784M	HK$828M	HK$672M	HK$652M
Total debt	n/a	HK$434B	HK$384B	HK$409B	HK$356B

Quarterly statements and history in the cockpit →

China Merchants Securities competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. China Merchants Securities is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. China Merchants Securities is the large dot.

China Merchants Securities competitors and peer comparison

Head to head with its named competitors (6099.HK vs 1776.HK vs 2611.HK vs 6886.HK)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
China Merchants Securities 6099.HK	$20.2B	-10%	+98%	34%	4.5×	n/a
GF Securities 1776.HK	$20.5B	-8%	+18%	75%	5.6×	n/a
Guotai Haitong Securities 2611.HK	$39.8B	-6%	+38%	69%	6.0×	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

How China Merchants Securities compares with its peers

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.

China Merchants Securities against its 20 peers (data as of 6 Nov 2026)
Measure	6099.HK	Peer median	Rank in peer set
1-month return	-8.8%	+2.7%	lowest of 21
6-month return	-10.4%	+7.2%	5th lowest of 21
Distance from 52-week high	-31.7%	-14.5%	6th lowest of 21
Revenue growth (TTM)	+97.8%	+9.4%	highest of 21
Operating margin	33.7%	30.8%	11th highest of 21
Forward P/E	4.5×	13.2×	cheapest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
China Merchants Securities 6099.HK	Hong Kong	$20.2B	-10%	+98%	34%	4.5×	n/a	n/a
Pershing Square PS	United States	$20.6B	+24%	+67%	37%	84.9×	n/a	n/a
Partners PGHN.SW	Switzerland	$21.3B	-24%	+9%	56%	16.7×	n/a	n/a
Amundi AMUN.PA	France	$21.7B	+9%	+1%	23%	11.9×	n/a	n/a
TPG TPG	United States	$17.9B	+4%	+21%	17%	13.8×	n/a	n/a
T. Rowe Price TROW	United States	$23.1B	+4%	+7%	36%	10.8×	n/a	n/a
CSC Financial 601066.SS	China	$23.4B	-3%	-2%	49%	14.2×	n/a	n/a
Principal Financial PFG	United States	$23.6B	+10%	+5%	15%	11.3×	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
Blue Owl Capital OWL	United States	$15.4B	-7%	+11%	17%	10.4×	n/a	n/a
ICICI Prudential Asset Management ICICIAMC.NS	India	$15.4B	-11%	+22%	73%	39.2×	n/a	n/a
Nomura 8604.T	Japan	$26.5B	+15%	+12%	12%	9.0×	n/a	n/a
DWS Group GmbH & Co. KGaA DWS.DE	Germany	$14.7B	+7%	+24%	37%	12.6×	n/a	n/a
Carlyle CG	United States	$14.1B	-22%	-44%	14%	10.2×	n/a	n/a
Guosen Securities 002736.SZ	China	$13.9B	-16%	-10%	34%	7.9×	n/a	n/a
Ares Management ARES	United States	$30.0B	+7%	+7%	27%	20.5×	n/a	n/a
IGM Financial IGM.TO	Canada	$13.3B	+7%	+20%	36%	14.0×	n/a	n/a
iA Financial IAG.TO	Canada	$13.1B	+29%	+13%	59%	13.9×	n/a	n/a
Raymond James Financial RJF	United States	$31.3B	+6%	+10%	21%	11.4×	n/a	n/a
Northern Trust NTRS	United States	$31.3B	+8%	+7%	24%	13.7×	n/a	n/a

Questions

Who are China Merchants Securities's main competitors?: Named competitors: GF Securities (1776.HK), Guotai Haitong (2611.HK), Huatai Securities (6886.HK), CSC Financial (6066.HK). The cockpit's measured peer set (industry) also includes Pershing Square (PS), Partners (PGHN.SW), Amundi (AMUN.PA), TPG (TPG), T. Rowe Price (TROW), CSC Financial (601066.SS).
Is China Merchants Securities expensive compared with its peers?: On forward p/e it trades at 4.5× against a peer median of 13.2×, cheapest of 21 in its peer set.
How has China Merchants Securities stock performed?: Over six months to 6 Nov 2026 the shares returned -10.4% against +7.2% for the median peer; over one year -19.9%.