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Equity Bottom-Up

Huatai Securities Co Ltd (H) / Equity Bottom-Up

<ul>
 <li>Huatai Securities is a leading, technology-driven, integrated securities group in China with a strong market position in wealth management, institutional services, investment management, and a growing international presence.</li>
 <li>The company has demonstrated robust growth, leveraging its digital platforms and comprehensive service offerings to capitalize on the evolving Chinese capital markets.</li>
 <li>Key challenges include increasing competition within the Chinese securities industry, market volatility, and the evolving regulatory landscape.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Huatai Securities is a leading, technology-driven, integrated securities group in China with a strong market position in wealth management, institutional services, investment management, and a growing international presence.
  The company has demonstrated robust growth, leveraging its digital platforms and comprehensive service offerings to capitalize on the evolving Chinese capital markets.
  Key challenges include increasing competition within the Chinese securities industry, market volatility, and the evolving regulatory landscape.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Huatai Securities Co Ltd (H) (6886 HK) - Sep 2025

Huatai Securities Co Ltd (A) / Equity Bottom-Up

<ul>
 <li>Huatai Securities is a leading, technology-driven integrated securities group in China with a strong market position, particularly in its wealth management and investment banking divisions.</li>
 <li>The company is strategically focused on leveraging artificial intelligence and digital platforms to enhance efficiency and service offerings, while actively pursuing international expansion to diversify its revenue streams and capture global opportunities.</li>
 <li>While financial performance shows strong long-term growth and recent profitability surges, the company faces key risks from high market volatility, intense domestic competition, and the evolving regulatory landscape in China's financial sector.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Huatai Securities is a leading, technology-driven integrated securities group in China with a strong market position, particularly in its wealth management and investment banking divisions.
  The company is strategically focused on leveraging artificial intelligence and digital platforms to enhance efficiency and service offerings, while actively pursuing international expansion to diversify its revenue streams and capture global opportunities.
  While financial performance shows strong long-term growth and recent profitability surges, the company faces key risks from high market volatility, intense domestic competition, and the evolving regulatory landscape in China's financial sector.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Huatai Securities Co Ltd (A) (601688 CH) - Sep 2025

HK/China Equity Long-Short

Osbert Tang, CFA

China International Capital Corporation / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a> announced details of its merger, and as <a href="https://www.smartkarma.com/entities/dongxing-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:25320:1" rel="noopener">Dongxing Securities (601198 CH)</a> is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.</li>
<li>Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.</li>
<li>Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  </li>
</ul>



CICC (3908 HK) announced details of its merger, and as Dongxing Securities (601198 CH) is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.
Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.
Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

<ul>
<li>China's securities industry is under a wave of consolidation. <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">China International Capital Corporation (3908 HK)</a> is interesting given its leadership in the investment banking business.</li>
<li>A combination with <a href="https://www.smartkarma.com/entities/china-galaxy-securities-co-h" target="_blank" data-smartkarma-citation="entities:165:1" rel="noopener">China Galaxy Securities (H) (6881 HK)</a> may bring synergy, given their different focuses. This will create the 3rd largest securities house in China. </li>
<li>Even without a merger, CICC also looks attractive with the US interest rate trending down. It is best set to gain upon the revival of the Hong Kong IPO market. </li>
</ul>


China's securities industry is under a wave of consolidation. China International Capital Corporation (3908 HK) is interesting given its leadership in the investment banking business.
A combination with China Galaxy Securities (H) (6881 HK) may bring synergy, given their different focuses. This will create the 3rd largest securities house in China. 
Even without a merger, CICC also looks attractive with the US interest rate trending down. It is best set to gain upon the revival of the Hong Kong IPO market. 


China

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

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Huatai Securities Co Ltd (A) (601688 CH)

Primer: Huatai Securities Co Ltd (H) (6886 HK) - Sep 2025

Huatai Securities is a leading, technology-driven, integrated securities group in China with a strong market position in wealth management,...

αSK

Primer: Huatai Securities Co Ltd (A) (601688 CH) - Sep 2025

Huatai Securities is a leading, technology-driven integrated securities group in China with a strong market position, particularly in its wealth...

αSK

CICC (3908 HK): Merger Details Are Out

CICC released merger details, facing 8.5% EPS dilution, but justified by the rise to the 3rd largest securities company. Share price reaction may...

Osbert Tang, CFA

CICC (3908 HK): M&A Possibility

CICC announced that it has entered into agreements to merge with Dongxing Securities and Cinda Securities, instead of the widely rumoured China...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Huatai Securities Co Ltd (H) (6886 HK) - Sep 2025

Huatai Securities is a leading, technology-driven, integrated securities group in China with a strong market position in wealth management,...

αSK

Primer: Huatai Securities Co Ltd (A) (601688 CH) - Sep 2025

Huatai Securities is a leading, technology-driven integrated securities group in China with a strong market position, particularly in its wealth...

αSK

CICC (3908 HK): Merger Details Are Out

​CICC released merger details, facing 8.5% EPS dilution, but justified by the rise to the 3rd largest securities company. Share price reaction may...

Osbert Tang, CFA

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

CICC (3908 HK): M&A Possibility

CICC announced that it has entered into agreements to merge with Dongxing Securities and Cinda Securities, instead of the widely rumoured China...

Osbert Tang, CFA

CICC released merger details, facing 8.5% EPS dilution, but justified by the rise to the 3rd largest securities company. Share price reaction may...