China Brokerages Rally as Regulator Proposes Wider Capital Use

-- Chinese brokerages surged after authorities pledged to let them expand the use of capital and signaled support for more acquisitions.Guolian Securities Co. soared as much as 10% in Shanghai, leading gains among peers. Citic Securities Co., Shenwan Hongyuan Group Co. and Huatai Securities Co. also advanced. Meanwhile, China International Capital Corp. shares jumped as much as 9.5% in Hong Kong.

“In the long run, the improvement in risk control indicators will help leading brokerages on more-comprehensive and precise risk management and better-use of capital,” China International Capital Corp Ltd. analysts including Pu Han wrote in a note. “It will help brokerages to achieve upper limit in their leverage ratio and lift their long-term return on equity.”

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