Gloomy China Stock Market Hits Brokers’ Pay Packets

China’s securities industry experienced another year of pay cuts in 2023 as the country’s depressed capital markets and the government’s campaign against excessive remuneration in the financial sector took their toll.

Disclosures from half of the 44 securities brokerages listed on the Chinese mainland that had published their annual reports by April 1 show a downturn in the industry’s financial performance. Their total revenue in 2023 fell 1.8% to 373.4 billion yuan ($53 billion) while their net profits attributable to their parent companies dropped 7.1% to 108.1 billion yuan, marking the second consecutive year of lower profitability.