On November 12, Western Securities released a research report stating that the institutional opening up of the capital market has opened up a window for brokerage firms to go overseas, cross-border financing and residents' global allocation needs have expanded, and overseas business has become the second growth curve to break through the decline in domestic ROE. The research report selected five leading Chinese brokerage firms, CITIC Securities, Huatai Securities, Cathay Pacific Haitong Securities, and GF Securities to review the differentiated overseas development process of the two major international investment banks, Goldman Sachs and Morgan Stanley. Among them, CICC relied on the genes of early foreign shareholders, with early internationalization, leading the industry in overseas sector profit contributions; CITIC Securities began to catch up after internationalization through the merger and acquisition of Lyon Securities, and international net profit rose to the top position in the industry in 2025; Huatai Securities advanced in the direction of heavy assets, and technological empowerment became a distinct differentiating advantage; Cathay Pacific Haitong completed the expansion of its overseas footprint by absorbing and merging Haitong Securities to build an overseas network with the widest coverage of the industry; GF Securities is based on the cross-border location advantage of the Greater Bay Area Wealth Connect explores the demand for high-net-worth offshore allocations. The research report also reviewed the globalization process of Morgan Stanley and Goldman Sachs. Both followed a gradual expansion rhythm of first laying out global financial hubs and then penetrating emerging markets. Overseas expansion generally used cross-border investment banks as the starting foundation. After the outlets were saturated, they turned to deep stock cultivation, and relied on mergers and acquisitions to make up for shortcomings in wealth and asset management, which can provide a reference for the current internationalization path of Chinese brokerage firms.
Zhitongcaijing · 2d ago
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On November 12, Western Securities released a research report stating that the institutional opening up of the capital market has opened up a window for brokerage firms to go overseas, cross-border financing and residents' global allocation needs have expanded, and overseas business has become the second growth curve to break through the decline in domestic ROE. The research report selected five leading Chinese brokerage firms, CITIC Securities, Huatai Securities, Cathay Pacific Haitong Securities, and GF Securities to review the differentiated overseas development process of the two major international investment banks, Goldman Sachs and Morgan Stanley. Among them, CICC relied on the genes of early foreign shareholders, with early internationalization, leading the industry in overseas sector profit contributions; CITIC Securities began to catch up after internationalization through the merger and acquisition of Lyon Securities, and international net profit rose to the top position in the industry in 2025; Huatai Securities advanced in the direction of heavy assets, and technological empowerment became a distinct differentiating advantage; Cathay Pacific Haitong completed the expansion of its overseas footprint by absorbing and merging Haitong Securities to build an overseas network with the widest coverage of the industry; GF Securities is based on the cross-border location advantage of the Greater Bay Area Wealth Connect explores the demand for high-net-worth offshore allocations. The research report also reviewed the globalization process of Morgan Stanley and Goldman Sachs. Both followed a gradual expansion rhythm of first laying out global financial hubs and then penetrating emerging markets. Overseas expansion generally used cross-border investment banks as the starting foundation. After the outlets were saturated, they turned to deep stock cultivation, and relied on mergers and acquisitions to make up for shortcomings in wealth and asset management, which can provide a reference for the current internationalization path of Chinese brokerage firms.
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