In 2024, CITIC Securities continued to enhance the quality and effectiveness of its services to the real economy, accelerating the establishment of a first-class investment bank and investment institution. It provided high-quality support for new quality productive forces and individual wealth management, ensuring steady development across all business areas.


Investment banking

Maintaining its leading position in the domestic market. In 2024, CITIC Securities completed a total of 55 A-share lead underwriting transactions, with an aggregate value of RMB70.36 billion (including cash and asset private placements), representing a market share of 21.87%. It ranked first in both IPO and refinancing underwriting transactions. The company completed underwriting for 5,088 domestic debentures, with an underwriting amount of RMB2,091.24 billion, representing a year-on-year increase of 9.49%. This accounted for 7.07% of the total market underwriting and 15.02% of the total underwriting by securities companies. CITIC Securities also ranked first in the industry for FI bonds, corporate bonds, enterprise bonds, NAFMII products and asset-backed securities underwriting. The company completed five substantial asset restructuring transactions for A-shares, totalling RMB19.90 billion, with a market share of 23.03%. It ranked first in the number of transactions and second in transaction volume. As a nominated advisor and broker of the New OTC Market, CITIC Securities completed 12 listing projects, helping listed companies raise RMB446 million through targeted issuance.

Achieving significant results in expanding its overseas markets. In 2024, CITIC Securities completed 47 offshore equity projects with an underwriting volume of USD3.58 billion, ranking second in the Hong Kong market for equity financing. It completed 381 offshore bond projects for Chinese companies with an underwriting volume of USD5.05 billion, capturing a market share of 4.23% and ranking first in the market. The company also completed 72 global mergers and acquisitions involving Chinese enterprises, with transactions totalling USD30.02 billion, ranking second in the market.

Wealth management

Comprehensive domestic wealth management service capabilities continuously improved. By the end of 2024, CITIC Securities had over 15.8 million domestic wealth management clients, a 12% increase from the previous year, and client assets under custody surpassed RMB12 trillion, representing a year-on-year increase of 18%. CITIC placed a strong focus on customising client management and upgrading its talent development strategy for investment advisors and establishing an agile customer service and business development system to offer clients comprehensive financial solutions covering the entire lifecycle of “People-Family-Enterprise-Society”. The company continued to optimise its financial product system across multiple markets, assets and strategies to support both single product and portfolio allocation needs of investors. It built an intelligent client management closed loop to enhance operational efficiency through unified planning, deployment, investment and management.

Consistent progress in its globalisation initiatives. In 2024, the company’s sales and revenue from overseas wealth management products doubled. With Hong Kong and Singapore serving as dual bookkeeping centres, CITIC Securities focused on the core financial markets of major global economies, constructing a wealth management and comprehensive service platform that spans regions, markets and asset classes. This platform aims to provide global high-net-worth clients and institutional investors with more diversified, personalised and global asset allocation solutions. The company actively participated in the “Cross-boundary Wealth Management Connect” initiative, leveraging its status as one of the first pilot businesses in the industry to promote connectivity in the capital markets within the Guangdong-Hong Kong-Macao Greater Bay Area.

Financial markets

Enhancing its equity derivatives service system. With a focus on supporting the real economy, the company continued to innovate its products, enhance its business structure and expand its offerings. It maintained a strong presence with a broad client base, diverse product offerings, excellent trading capabilities and relatively stable returns. The company aims to enrich its product structure and strategy framework, attracting medium- to long-term funds into the market while expanding the coverage and types of structured products to improve its wealth management offerings. Its market-making business consistently ranked among the industry leaders, providing high-quality liquidity, while the overseas equity derivatives business continued to expand its international market reach, offering clients comprehensive investment trading services that span multiple time zones and markets.

Actively expanding its international fixed income business. Leveraging its advantages in client resources, the company has been broadening its coverage and service network for both domestic and international clients, catering to the overseas needs of Chinese clients while establishing a robust business platform that connects clients with the market. The company focused on strategy development and diversified its profit models to strengthen its overseas fixed income and derivatives market-making operations, thereby improving its overall capabilities in product design and trading services across domestic and international markets. CITIC Securities’ sales of interest rate products have ranked first in the industry for several consecutive years.

Achieving significant progress in transforming its proprietary trading business model. Focusing on reducing portfolio volatility and enhancing resilience against external macroeconomic shocks, the company increased its allocation to various non-directional investments. This approach established a diversified business framework with distinct strategies to weather both strong and weak market conditions, enabling a shift towards an absolute return model.

Continually enhancing its service capabilities in the securities financing business. CITIC Securities strengthened its customer stickiness by offering efficient and professional solutions. It focused on detailed management of credit, interest rates and risks maintaining industry leadership in margin financing and stock pledge services while improving the quality of credit assets. In its international business, the company accelerated efforts in areas including product development, client acquisition and the establishment of business platforms. This approach enhanced collaboration and client outreach, resulting in steady growth in business volume and a diversified client base.

Asset management

CITIC Securities and CITIC Securities Asset Management Co., Ltd. actively pursued the transformation and establishment of a professional, systematic and customised framework for proactive management. By the end of 2024, the company’s AUM amounted to RMB1,542.45 billion, with the collective asset management plans, single asset management plans and special asset management plans amounting to RMB343.24 billion, RMB908.98 billion and RMB290.22 billion, respectively. The company’s private equity management business (excluding pension funds, public offering products and asset-backed specific plans) attained a market share of 13.43%, ranking first in the industry. The AUM of CITIC Securities’ wholly-owned subsidiary, China Asset Management Company Limited (ChinaAMC), reached RMB2,464.53 billion, of which mutual funds accounted for RMB1,790.72 billion and institutional and overseas business accounted for RMB673.81 billion.

Equity investment

As the alternative investment arm of CITIC Securities, CITIC Securities Investment Co., Ltd. continued to focus on new quality productive forces, systematically positioning itself around strategic emerging investments. It pursued investment opportunities in areas including advanced manufacturing, new energy and equipment, information technology, new materials and biotechnology. The company optimised its investment structure, continually strengthening post-investment management, expanding diversified exit channels, enhancing asset turnover and capital efficiency and improving overall risk resilience.

As the private equity platform to raise and manage funds for CITIC Securities, CITIC Goldstone Investment Co., Ltd. capitalises on its fundraising advantages. In 2024, it successfully registered a new fund, raising a total of RMB9.88 billion. The company supported the national science and technology innovation strategy and real economies through equity investments. It focused on investment in high-tech enterprises that participated in major national projects, played an important role in breakthroughs of key technological barriers, ensured the stability of the industrial supply chain and implemented the “dual carbon” strategy. CITIC Goldstone Investment Co., Ltd. made equity investments in a portfolio of enterprises excelling in key sectors including new materials, new energy, next-generation information technology, high-end manufacturing, healthcare and modern services.