Is Haitong Securities still an independent company?

No. Haitong Securities was absorbed by Guotai Junan Securities; Haitong's A and H shares delisted 4 to 5 February 2025, the merger closed 14 March 2025, and the combined firm was renamed Guotai Haitong Securities on 3 April 2025 (SSE: 601211, SEHK: 2611).

Is Guotai Haitong profitable in 2026?

Yes. Guotai Haitong reported FY2025 net profit of RMB 27.8 billion (up 113.5% YoY) and pre-announced H1 2026 recurring net profit guidance of up to +171% YoY growth, per company profit alert dated 8 July 2026.

Who is Guotai Haitong's biggest competitor?

CITIC Securities was China's largest brokerage by assets until Guotai Haitong's 2025 merger unseated it, dropping CITIC to #2 by end-2025 (Guotai Haitong: RMB 2,114.3 billion total assets). Foreign JV banks like UBS and Goldman Sachs also contest offshore mandates.

Could AI replace Guotai Haitong?

No, not the core business. China's securities licensing, custody, and underwriting relationships are regulator-controlled moats AI cannot replicate. The firm is instead deploying AI internally, launching a joint AI and cloud upgrade site with Huawei on 5 November 2025 for trading systems and data platforms.

Who owns Guotai Haitong Securities?

Guotai Haitong is publicly traded on the Shanghai (601211) and Hong Kong (2611) exchanges, formed when Guotai Junan Securities absorbed Haitong Securities in a share-for-share merger (0.62 Guotai Junan shares per Haitong share) that closed 14 March 2025, with UBS advising Guotai Junan.

Is Guotai Haitong cutting jobs after the Haitong merger?

No mass layoffs reported; headcount actually rose to 26,228 employees at end-2025, up 11,705 people (+80.6% YoY) as Haitong's workforce was absorbed. Post-merger rationalization and synergy realization remain ongoing watch items into 2026.

Insurance companies · absorbed · China

Haitong Securities

htsec.com ↗

Guotai Haitong is China's top brokerage after the 2025 Haitong-Guotai Junan merger.

Hard to displace

Assessed 25 July 2026 · Evidence as of 25 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 25 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: H1 2026 results confirming or missing the guided +171% YoY profit jump

The call

Guotai Haitong sits atop China's brokerage industry on scale and license, with integration and a Hong Kong insider-dealing probe as the nearest watch points.

Haitong Securities is merging with Guotai to create China's biggest stock brokerage, handling trillions in client money and running the country's main IPO business. It is very hard to replace because the government gave it exclusive licenses and relationships that competitors like CITIC Securities cannot easily take away, and artificial intelligence can speed up some back-office work but cannot get around the need for those licenses or the trust clients have built up over time. The biggest unknown is whether an ongoing fraud investigation in Hong Kong will hurt the merged company's ability to do international banking work, or whether the two firms can actually fire enough people and cut costs fast enough after combining their huge staffs to justify the merger.

Why

AI pressure: Ant Group AI investment advisory tools. AI robo-advisors and research tools automate retail advice and back-office work but can't hold the brokerage license itself. Could AI do the core job? Unlikely.

Bigger players: UBS, Goldman Sachs, Morgan Stanley wholly-owned China units. Now allowed full ownership in China, these foreign banks are building local retail and wealth arms that could chip at Guotai Haitong's base. Could a giant copy it? No, they are blocked.

What protects it. State-backed brokerage license, #1 domestic client base, and IPO underwriting relationships that AI or foreign entrants cannot buy.

What would change this call

SFC/ICAC probe at Guotai Junan International resolves with institutional (not just individual) sanctions. Would show regulatory risk extending to the parent entity's license and reputation.
H1 2026 formal results released versus the guided +171% YoY profit growth. Would show whether merger synergy claims match actual reported performance.
CITIC Securities or another peer reclaims #1 ranking by total assets within 18 months. Would show the merger's scale advantage over CITIC is not durable.

Key numbers

Total assets RMB 2,114.3 billion, #1 in China (2025-12-31)
Net profit RMB 27.8 billion, up 113.5% YoY (2025-12-31)
Headcount 26,228, up 80.6% after merger (2025-12-31)

Named risks

Hong Kong SFC/ICAC insider-dealing probe could expand to institutional sanctions against Guotai Junan International. Severity: high
Post-merger integration and headcount rationalization after 80.6% workforce jump could cause execution surprises. Severity: medium
Earnings tied to volatile China equity-market cycles despite dividend-heavy payout policy. Severity: medium
Newly 100%-owned foreign securities JVs could erode domestic retail distribution advantage over time. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
CITIC Securities	losing to	Unseated as China's #1 brokerage by assets after Guotai-Haitong merger, dropped to #2 by 2025-12-31
Foreign JV banks (UBS, Goldman Sachs, Morgan Stanley)	contesting	Now permitted 100% ownership of China securities JVs but still lack Guotai Haitong's domestic retail distribution as of 2026
Guotai Junan International vs CITIC Securities HK branch	contesting	Both named in same SFC/ICAC insider-dealing probe launched 2026-03-10

Questions people ask

Is Haitong Securities still an independent company?: No. Haitong Securities was absorbed by Guotai Junan Securities; Haitong's A and H shares delisted 4 to 5 February 2025, the merger closed 14 March 2025, and the combined firm was renamed Guotai Haitong Securities on 3 April 2025 (SSE: 601211, SEHK: 2611).
Is Guotai Haitong profitable in 2026?: Yes. Guotai Haitong reported FY2025 net profit of RMB 27.8 billion (up 113.5% YoY) and pre-announced H1 2026 recurring net profit guidance of up to +171% YoY growth, per company profit alert dated 8 July 2026.
Who is Guotai Haitong's biggest competitor?: CITIC Securities was China's largest brokerage by assets until Guotai Haitong's 2025 merger unseated it, dropping CITIC to #2 by end-2025 (Guotai Haitong: RMB 2,114.3 billion total assets). Foreign JV banks like UBS and Goldman Sachs also contest offshore mandates.
Could AI replace Guotai Haitong?: No, not the core business. China's securities licensing, custody, and underwriting relationships are regulator-controlled moats AI cannot replicate. The firm is instead deploying AI internally, launching a joint AI and cloud upgrade site with Huawei on 5 November 2025 for trading systems and data platforms.
Who owns Guotai Haitong Securities?: Guotai Haitong is publicly traded on the Shanghai (601211) and Hong Kong (2611) exchanges, formed when Guotai Junan Securities absorbed Haitong Securities in a share-for-share merger (0.62 Guotai Junan shares per Haitong share) that closed 14 March 2025, with UBS advising Guotai Junan.
Is Guotai Haitong cutting jobs after the Haitong merger?: No mass layoffs reported; headcount actually rose to 26,228 employees at end-2025, up 11,705 people (+80.6% YoY) as Haitong's workforce was absorbed. Post-merger rationalization and synergy realization remain ongoing watch items into 2026.

Timeline

2026-07-08Guotai Haitong guides H1 2026 recurring net profit up to +171% YoY
2026-06-30Board approves RMB 9 billion injection into Guotai Junan International for HK/Singapore/Vietnam hubs
2026-06-15Strategic partnership formed with Korea Investment & Securities
2026-03-31Proposed 2025 dividend plus buyback totals RMB 10 billion, about 47% of adjusted net profit
2026-03-10SFC and ICAC raid Guotai Junan International Hong Kong offices, eight arrested in insider-dealing probe
2025-12-31FY2025 results: revenue RMB 63.1B, net profit RMB 27.8B, assets RMB 2,114.3B, ranked #1 brokerage
2025-11-05Guotai Haitong and Huawei launch joint AI and digital upgrade demonstration site
2025-04-03Combined entity renamed Guotai Haitong Securities Co., Ltd.
2025-03-14Guotai Junan-Haitong merger by absorption closes
2025-02-04Haitong A and H shares delisted ahead of merger completion

Revision history

25 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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