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Citic Securities, 10 other Chinese brokers to cut commission fees 2023-08-28
Citic Securities, 10 Other Chinese Brokers to Cut Commission Fees
Eleven Chinese brokerages, including Citic Securities, the country’s largest, will lower their commission fees after mainland stock exchanges said they will cut fees they charge brokers for handling securities transactions.
On Aug. 25, Citic Securities will trim its trading commission for the Shanghai and Shenzhen bourse and depository shares by 0.00146 percentage point and that for trading in common and preferred stocks on the Beijing exchange by 0.0125 point, the Shanghai-based firm said yesterday. Other brokerages also released similar statements on the same day.
The China Securities Regulatory Commission unveiled measures to bolster the stock market on Aug. 18, including lower trading costs. The Shanghai and Shenzhen exchanges subsequently cut the handling fees on transactions of Class-A and Class-B shares to 0.00341 percent from 0.00487 percent, and the Beijing bourse reduced its fee to 0.0125 percent from 0.025 percent.
The brokerages have reduced their commissions by the same amount, thereby transferring the benefit to their clients, The Paper reported yesterday, citing a broker.
Chinese brokers ask for different commissions, with it even varying from client to client. For example, Citic Securities’ standard commission is about 0.025 percent, but each client can negotiate it.
It was the first time in eight years that mainland stock exchanges cut their handling fees, The Paper cited Yuan Hao, a securities analyst at Shanghai Shenyin Wanguo Research and Consulting, as saying. The main reason was to ease institutional costs, Yuan noted.
The cut in handling fees is expected to save costs of about CNY6.6 billion (USD906.3 million) each year, according to one forecast.
Source: Yicai Global
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