Market Chatter: Chinese Securities Firms Cut Salaries Amid Plunge in IPOs

MT Newswires Live07-10

Chinese securities firms are reducing salaries and are seeing staff departing amid a drop in the number of initial public offerings, Yicai Global reported Tuesday, citing Choice, a financial data platform under East Money Information (SHE:300059).

The number of workers in the securities sector is 343,800, lower by 4.5% compared with the beginning of the year, the report said.

Salary reductions have been further exacerbated by stricter IPO rules announced in April, prompting some employees to leave the industry, the report said.

More than 300 companies have withdrawn their IPO applications in China while 46 have successfully listed, down 74% year over year. The amount raised plunged 84% year over year to 33.8 billion yuan.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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