Overseas-invested securities firms collectively saw income from their China businesses skyrocket in 2025, as combined net profits climbed more than fourfold from a year earlier to 2.65 billion yuan (US$390 million), according to their annual reports.
However, while the industry’s bottom line surged last year – fuelled by China’s lifting of capital restrictions and a rebound in the capital market – the individual performances of firms showed a widening gap in scale.
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A South China Morning Post review of annual reports from all of China’s 13 overseas-invested securities firms – out of 119 securities in total – found that seven still ended the year with losses.
On a solely revenue basis, Goldman Sachs (China) Securities returned to the top of the leaderboard. Its China unit generated 2.48 billion yuan, overtaking 2024’s leader, Shengang Securities.
Shengang, the first brokerage established under the Closer Economic Partnership Arrangement between mainland China and Hong Kong, posted revenue of 1.99 billion yuan last year. J.P. Morgan Securities (China) and UBS Securities followed with 1.88 billion yuan and 1.81 billion yuan, respectively.
Goldman attributed its revenue performance in China – having nearly equalled the total net profits from all 13 overseas-invested securities firms – to a strong rally in the nation’s A-share market in 2025. The Wall Street investment bank said this boosted both its trading and investment pipelines.
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The firm’s annual report cited exceptional performance in the Qualified Foreign Institutional Investor (QFII) business, as Goldman seized opportunities in a more active market, across secondary trading and new deal developments.