Recent annual reports from securities firms, particularly those listed in Hong Kong, have disclosed compensation details for their highest-paid employees. Unlike A-share listed companies, Hong Kong-listed brokerages are required to reveal information about their top five earners.
Analysis shows that the highest-paid individuals at these firms are not board members, supervisors, or senior executives. At CITIC Securities, one employee earned over 15 million yuan in 2025, reportedly working for an overseas subsidiary. At Guotai Haitong, two employees received compensation between 11.01 million and 13 million yuan.
A senior executive from a leading securities firm commented, "Typically, these are senior front-office professionals, likely managing directors who led landmark deals during the year."
The highest compensation exceeded 15 million yuan. According to CITIC Securities' 2025 Hong Kong annual report, among the five highest-paid non-director and non-supervisor employees, one fell into the 15.01-19 million yuan range, one in the 13.01-15 million yuan range, one in the 11.01-13 million yuan range, and two in the 9.01-11 million yuan range. The distribution was identical in 2024.
CITIC Securities clarified that for both 2025 and 2024, its five highest-paid employees were local hires at overseas subsidiaries, compensated based on services rendered to the group.
China International Capital Corporation (CICC) reported in its 2025 Hong Kong filing that the final compensation for its highest-paid individual was still being confirmed. Based on accrued pre-tax compensation for the reporting period, none of the top five earners in 2025 or 2024 were directors or supervisors. In 2025, one employee was in the 3.51-4.5 million yuan bracket, three in the 4.51-5.5 million yuan bracket, and one in the 5.51-7 million yuan bracket. For 2024, four were in the 2.51-3.5 million yuan range, and one in the 3.51-4.5 million yuan range.
Huatai Securities' 2025 Hong Kong report indicated that its five highest-paid individuals were not directors or supervisors whose compensation was separately disclosed. The breakdown showed two employees in the 7.01-8 million yuan range, two in the 8.01-9 million yuan range, and one in the 9.01-10 million yuan range. In 2024, two were in the 8.01-9 million yuan bracket, one in the 9.01-10 million yuan bracket, one in the 10.01-11 million yuan bracket, and one above 11 million yuan.
Guotai Haitong's 2025 Hong Kong report also detailed its top five earners. For both 2025 and 2024, none were directors or supervisors. In 2025, three employees fell into the 9.01-11 million yuan range, and two into the 11.01-13 million yuan range. In 2024, two were in the 9.01-11 million yuan bracket, and three in the 11.01-13 million yuan bracket.
Regarding these high compensation figures for non-executive staff, a head of a major securities firm noted that such opportunities are rare and often tied to exceptional annual performance, with compensation likely returning to normal levels afterward.
Listed executive compensation has seen significant declines. It is noteworthy that the high earners mentioned are not senior executives. In recent years, disclosed compensation for senior executives at securities firms has generally decreased noticeably.
In 2025, CITIC Securities Chairman Zhang Youjun received 2.3 million yuan, with most other senior executives earning below 1.5 million yuan. The firm stated that the disclosed pre-tax compensation for executive directors, employee directors, and senior management includes base salary, performance-based pay, and insurance benefits, with final amounts still under confirmation.
Compared to 2023, disclosed executive pay at CITIC Securities dropped significantly. That year, Chairman Zhang Youjun earned 5.05 million yuan, with most other senior executives receiving over 4 million yuan. The reporting methodology appeared different, including immediate bonuses paid in 2023.
In 2025, China Securities Chairman Liu Cheng earned approximately 1.48 million yuan, with other senior executives around 1.2 million yuan. The report explained that the figures represent accrued and paid compensation for 2025, with final amounts pending confirmation.
In 2023, China Securities Chairman's compensation was 3.54 million yuan, with most senior executives earning over 3 million yuan. The reporting then included immediate bonuses for the year.
Analysis indicates that declining disclosed executive compensation is an industry-wide trend in recent years, observed at firms like CICC, Huatai Securities, and China Merchants Securities.
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