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Galaxy Securities debuts in Hong Kong

cctv.com | Updated: 2013-05-23 09:58

Galaxy Securities, China's seventh-largest brokerage, debuted in Hong Kong on Wednesday after having to cancel its launch ceremony due to storms. The stock rose on its first day of trading. The firm's chairman Chen You'an is upbeat about growth ahead.

For Galaxy Securities, Wednesday's storm in Hong Kong was like a parable of Chinese brokerages' trading environment.

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China's brokerages face a tough fight for commissions in an underperforming market. Whether there's underwriting income still depends on when regulators decide to resume IPOs. There is also increasing scrutiny on brokers helping unqualified companies list, as Ping An Securities' recent punishment showed. But Galaxy's Chairman Chen You'an sees vast opportunities ahead.

"Banks now occupy more than 92 percent,