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Hongyuan Securities 2006 net profit rises

(XFN-Asia)
Updated: 2007-04-10 16:38

Hongyuan Securities Co Ltd said its unaudited net profit in 2006 surged to 227.9 million yuan (US$29.5 million) from 8.22 million a year earlier, thanks to increased brokerage business after the Chinese government lifted a ban on initial public offerings in May last year.

Earnings per share stood at 0.156 yuan, up from 0.0135 yuan in 2005, the company told the Shenzhen Stock Exchange.

The company reported core business revenue of 520.1 million yuan for the past year, against a revenue loss of 74.91 million the year before.

The brokerage's total assets stood at 7.62 billion yuan at the end of last year, more than double the end-2005 level of 3.35 billion.

The company is scheduled to release its audited financial results for 2006 on Thursday.

Jianyin Investment Ltd, 100-percent owned by the central bank's investment arm Central Huijin Investment Co Ltd, is the largest shareholder of Hongyuan Securities with a 66.67 percent stake.