A surge in internet trading by China’s retail investors has boosted the country’s brokers, awarding some of them a valuation in line with the world’s best-known banks.
Average daily turnover on China’s stock market has hit Rmb874bn ($129bn) this year, according to data from Goldman Sachs, up nearly 60 per cent from the average of the past five years, as the coronavirus crisis has driven interest in online equity trading.
That has ignited shares in brokers, placing them among China’s best-performing stocks of the year. Shares in East Money, an internet trading group largely unknown outside China, have climbed by 84 per cent, giving the company a market capitalisation equivalent to $30.6bn — above that of Credit Suisse.
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