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By Dai Yan (chinadaily.com.cn)
Updated: 2007-08-14 17:00

The red-hot mainland stock markets have experienced fierce competition among securities companies in the brokerage business, as their rankings changed every month during the first seven months of 2007, according to China Securities News.

According to statistics from the Shanghai Stock Exchange, the top ten securities dealers in terms of brokerage business in January were Galaxy, Guotai Junan, Shenyin & Wanguo, Haitong, Guosen, GF, China Securities, China Merchants Securities, CITIC Securities, and Huatai.

However, in July the rankings became Guotai Junan, Galaxy, Haitong, Shenyin & Wanguo, Guosen, Huatai, GF, China Securities, China Jianyin and China Merchants Securities.

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Huatai's new account openings far exceeded the average, thanks to its sales assessment system, said vice president Sun Hanlin. The company makes new client numbers a key assessment index for sales staff and managers, raising their salaries based on performance.

Service is key to securities dealers in competition, according to a source from Huatai. Huatai and China Merchants have both set up special outlets for institutional investors, providing comprehensive dealing and financing consulting services.

Securities companies also cooperated with banks to provide value-added services for clients. For example, Guotai Junan has introduced co-branded cards with China Merchants Bank and the Industrial and Commercial Bank of China respectively.

Commission rates were up about 0.02 percent this year, according to a securities company in Shanghai. The minimum commission rate rose to 0.18 percent from below 0.1 percent. Most investors do not care about commission increase, because they receive high returns from the bullish market, said a sales manager of China Merchants Securities (Shanghai).

Commission rate increases will be a short-term trend, as institutional investors invest more, said an analyst of Shenyin & Wanguo Securities Research & Consulting. Securities dealers’ commissions income will reach 134 billion yuan (US$17.66 billion) this year, and 144.1 billion and 146.8 billion respectively in 2008 and 2009, according to analysis from Shenyin & Wanguo.