China’s GF Securities Reports Nearly 40% Profit Drop in Third Quarter By

© Reuters.

© Reuters. – China’s brokerage firm GF Securities Co Ltd (HK:) reported that its net profit for the third quarter plummeted by 39.23% compared to the same period last year. Its net profit was down 35.39% year-on-year for the first 9 months of the year, the company said.

Despite the losses, the H shares of GF Securities in Hong Kong inched up 0.96% to HK$9.5 on Monday morning.

The company’s net assets only rose 1.22% in the third quarter, compared to the end of 2017, while its operating revenue in the third quarter also dived 23.88% over the same period last year.

On Friday, the company announced that it raised RMB15 billion in a private placement to fund its four wholly owned subsidiaries. The funds raised will be used to enhance its equity financial services and expand its business in fixed income, currencies and commodities (FICC), as well as to develop and apply fintech.

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