The Beijing Stock Exchange has announced the results of its first-quarter 2026 securities firm practice quality evaluation. Compared to the 2025 annual rankings, the brokerage landscape has undergone a significant reshuffle.
The evaluation system comprises a base score of 100 points, supplemented by professional quality points and deductions for compliance quality, with the total score determining the final ranking. Overall, all 101 participating brokerages scored above 100 points, with 13 firms achieving a total score exceeding 120 points. Within the top ten rankings for the quarter, five positions were taken by new entrants.
Specifically, CITIC Securities secured the top position with a score of 144.78 points, earning 44.78 points for professional quality and receiving no compliance deductions. Sinolink Securities, Kaiyuan Securities, and Soochow Securities ranked second to fourth respectively, all moving up in the rankings. SDIC Securities, Guosen Securities, and Zhongtai Securities emerged as dark horses, climbing from their 2025 annual rankings of 11th, 13th, and 27th to 5th, 7th, and 8th place in the first quarter. More surprisingly, Western Securities, which ranked 81st in the 2025 annual evaluation, broke into the top ten in the first quarter, aided by bonus points for its breakthrough in sponsorship business on the Beijing Stock Exchange.
Based on the 2025 annual results, the top tier of 20 brokerages included 8 major firms: Guotai Haitong Securities Co., Ltd., Guosen Securities, Huatai Securities, China Galaxy Securities, China Merchants Securities, China Securities, CITIC Securities, and Shenwan Hongyuan. The remaining 12 were small and medium-sized brokerages: Changjiang Securities, Northeast Securities, East Money Information, Soochow Securities, Everbright Securities, Sinolink Securities, GLMC, SDIC Securities, Huayuan Securities, Kaiyuan Securities, Ping An Securities, and Zhejiang Securities. However, several top-tier firms from the 2025 annual evaluation, including China Merchants Securities, Everbright Securities, Northeast Securities, and Ping An Securities, did not make it into the top twenty for the first quarter.
Deductions for compliance quality were a key factor in the ranking declines for many brokerages. Guotai Haitong Securities Co., Ltd., which ranked first in the 2025 annual evaluation, fell to sixth place in the first quarter, primarily due to a significant compliance deduction of 8 points. On March 20, the Shanghai Bureau of the China Securities Regulatory Commission issued a warning letter to the firm. As the sponsor for Hainan Poly Pharm's 2020 private stock offering and 2021 convertible bond project, the brokerage was found to have deficiencies in post-sponsorship supervision, including inadequate verification, non-standard practice conduct, and imperfect internal controls, leading to inaccurate conclusions in related reports. Additionally, other firms such as Guosen Securities, Zhongtai Securities, and Sinolink Securities also incurred varying degrees of compliance deductions.
From a market activity perspective, the Beijing Stock Exchange has become a vital growth engine within the multi-level capital market. In 2025, the exchange accounted for 58.7% of the 300 new IPO applications accepted across all markets. Currently, 190 companies remain in the Beijing Stock Exchange IPO pipeline, involving 22 sponsoring institutions. In terms of project pipeline, Guotai Haitong Securities Co., Ltd. leads with 22 projects, followed by China Securities with 19, CITIC Securities and Kaiyuan Securities each with 10, and GLMC, GF Securities, and Soochow Securities with 9, 8, and 8 projects respectively.
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