Three brokerages are set to distribute a combined 1 billion yuan in cash dividends from December 17 to 23, with Industrial Securities, Great Wall Securities, and First Capital Securities leading the payout. Driven by policy incentives, brokerage firms are increasing both the frequency and proportion of dividends, with some mid-sized and small brokerages allocating over 30% of net profits to cash payouts. Analysts caution that high dividend ratios must balance growth potential and cash flow sustainability to avoid unsustainable financial practices.
Regulators are considering easing leverage restrictions for brokerages, marking a shift from previous market rescue measures. The market has rebounded by 1,000 points from its low, with the industry's net profit surging 62% in the first three quarters of 2025. Average daily trading volume exceeded 2 trillion yuan, while margin financing balances surpassed the 2015 peak. The sector's dynamic P/E ratio stands at 17x, below historical averages, signaling significant valuation upside. Leading brokerages like CITIC Securities, Guotai Junan Securities, Haitong Securities, and Huatai Securities are expected to benefit most from the leverage relaxation, with Guotai Junan Securities showing strong growth potential in margin financing and proprietary trading.
Chuxin Group is set to acquire its first listed platform after Piano Co. (002853) announced a 444 million yuan stake transfer, granting Chuxin Micro a 16.78% share and control via voting rights. The deal includes a 395 million yuan private placement to Qingdao Chuxin, bringing Chuxin's total stake to nearly 30%. Founder Yin Jiayin, with a background in semiconductor investments, gains a foothold in the A-share market. Piano Co. has reported consecutive losses in 2024 and the first three quarters of 2025, posing a turnaround challenge for the new controlling shareholder.
Kweichow Moutai Co., Ltd. (600519) has updated its business registration, appointing Chen Hua as legal representative, replacing Zhang Deqin. Chen, 53, previously served as vice mayor of Liupanshui and chairman of Panjiang Coal & Electricity Group. Zhang has been reassigned to the Guizhou Federation of Industry and Commerce.
A dispute over control of Bestore Co. (603719) has escalated as Guangzhou Light Industry revised its lawsuit demand, seeking to terminate a May 2025 share transfer agreement with major shareholder Ningbo Hanyi and claiming 20.74 million yuan in damages. The legal battle has derailed Ningbo Hanyi's plan to transfer an 18.01% stake to Changjiang International Trade, leaving Bestore's control unchanged for now.
Jincheng Pharmaceutical's chairman, Zhao Yeqing, was fined 1.5 million yuan and banned from the market for four years after the CSRC found he used 104 accounts to manipulate the company's stock, resulting in a 7.39 million yuan loss. Zhao resigned on December 11. The company's revenue and net profit fell 80% YoY in the first three quarters of 2025 amid declining antibiotic sales and an uncertain pivot to e-cigarettes.
China Molybdenum (603993) is expanding its gold portfolio with a 7.15 billion yuan acquisition of four Brazilian gold mines from Canada's EQX, adding 8 tons of annual production. Combined with a 2.97 billion yuan purchase in Ecuador earlier this year, the company has spent over 10 billion yuan on gold assets in 2025, capitalizing on gold's 50% price surge.
360 Security Technology (601360) denied allegations of financial fraud by a former executive, which wiped 7.7 billion yuan off its market value over three days. The company clarified that the ex-employee's claims involved a minor segment of its business and vowed legal action. Despite an 8% revenue increase, 360 posted a 120 million yuan loss in the first three quarters, with rising AI investments offsetting declines in its security division.
China Bao'an Group has joined the restructuring of Shanshan Group, potentially merging Shanshan's anode materials business with its subsidiary BTR New Material to create a global leader with over 40% market share. The deal could face antitrust scrutiny due to combined annual revenue of 32.9 billion yuan.
Sootechnic (603612) has partnered with Emirates Global Aluminium (EGA) to build a 300,000-ton/year prebaked anode plant in the UAE, marking its first overseas production base. The project leverages local resources and strategic positioning to serve global markets, reinforcing Sootechnic's leadership in anode exports.
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