CITIC Securities Co may trade its shares in Hong Kong or other overseas markets to become more international, said its spokesman yesterday.

 

"Listing in Hong Kong or other markets is a possible strategy to make us stronger," said Raymond Tang, spokesman of CITIC Securities, during a telephone interview. "But we don't have detailed plans for it at the moment."

 

The Financial Times earlier reported that CITIC Securities is considering listing in Hong Kong, citing its chairman Wang Dongming.

 

As Asia's largest brokerage by market value, CITIC Securities is seeking various ways to support its global strategy and prepare for fiercer competition after China opens the market to foreign participation.

 

Last week, CITIC Securities said it will add US$450 million to Hong Kong-based CITIC Securities International Co Ltd and make it a wholly-owned subsidiary to expand its overseas business.

 

Earlier this month, CITIC Securities announced that it had reached a preliminary strategic agreement with the US investment bank Bear Stearns Co Inc.

 

CITIC Securities reported a net profit of 4.16 billion yuan (US$560 million) in the third quarter, up 558.22 percent compared with the same period last year.

 

(Shanghai Daily November 27, 2007)