Brokers, that is, securities companies, refer to companies engaged in securities trading established in accordance with the provisions of the Company Law and the Securities Law.

At present, there are 106 brokers in China who are always in compliance.

Second, the conditions for the establishment of a securities company

(1) Having articles of association that comply with laws and administrative regulations;

(2) The major shareholders are profitable continuously, have a good reputation, have no record of major violations of laws and regulations within three years, and have net assets of not less than 200 million yuan;

(3) Having a registered capital that meets the requirements of this Law;

(4) The directors, supervisors and senior managers are qualified for the post, and the employees are qualified for securities business;

(5) Having a sound risk management and internal control system;

(6) Having qualified business premises and business facilities;

(seven) other conditions stipulated by laws and administrative regulations and the State Council Securities Regulatory Authority approved by the State Council.

Third, the level of brokers.

According to the risk management ability, the CSRC divides the securities firms into five categories: A(AAA, AA, A), B(BBB, BB, B), C(CCC, CC, C), D and E, 1 1 level, in which Class C is a watershed, and the risk management ability of Class C companies matches their existing businesses.

Companies at all levels in categories A, B and C are normal operating companies, and the division of their categories and levels only reflects the relative level of their risk management capabilities in the industry.

Class D and E companies refer to companies whose potential risks may exceed the company's tolerable range, and whose business scope will be affected by regulatory restrictions if risk disposal measures are taken according to law.

Four, two representative brokers

(1) CITIC Securities

Citic Securities was established on1October 25th, 1995, and is one of the first comprehensive securities companies approved by China Securities Regulatory Commission. On May 28th, 20021,CITIC Securities was included in the "white list" of the first securities companies.

The company's main business scope is: acting as an agent to buy and sell securities (including domestic listed foreign shares); Acting as an agent to repay the principal and interest and pay dividends; Custody and verification of securities; Agency registration and account opening; Securities proprietary trading; Securities underwriting (including domestic listed foreign shares) (including lead underwriting); Customer asset management; Securities investment consulting (including financial consultant).

(2) CITIC Jiantou Securities

Citic securities was established on June 5438+065438+1October 2, 2005. It is a national large-scale comprehensive securities company approved by China Securities Regulatory Commission. The company is headquartered in Beijing.

CITIC Jiantou has a complete securities business system, and its business scope mainly includes securities brokerage, securities underwriting and sponsorship, financial consulting related to securities trading and investment activities, securities investment consulting, securities self-management, securities asset management, securities investment fund consignment, margin financing and securities lending, providing intermediary services for futures companies and other businesses approved by China Securities Regulatory Commission. It also conducts futures business and direct investment business by setting up wholly-owned subsidiaries.