Chinese broker’s market value soars
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China’s stock rally this year has given shares of brokerage Citic Securities Co. a market value of $39.4 billion, surpassing all but three of the firm’s counterparts on Wall Street.
Citic’s stock market capitalization, which has more than tripled this year, now exceeds those of Lehman Brothers Holdings Inc., Bear Stearns Cos. and Charles Schwab Corp. The market value of Haitong Securities Co., China’s No. 2 brokerage, has leaped 669%, eclipsing Bear Stearns. The seven largest U.S. securities firms have lost $37 billion in market value in 2007.
Only Goldman Sachs Group Inc., Morgan Stanley and Merrill Lynch & Co. remain larger than Citic, China’s largest brokerage.
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