Everbright losing shine

Chinese state-owned securities broker Everbright Securities Company Limited saw a 60.6 per cent year-on-year decrease in net profits in 2016, as the group’s results reached RMB3.01 billion(MOP3.48 billion/US$435.5 million) a company release to the Hong Kong Stock Exchange on Friday revealed.
The decrease comes after the group saw a 270-per cent year-on-year increase in profit in 2015, when it made RMB7.64 billion.
In terms of revenues, the group registered a total of RMB13.87 billion in 2016, a 40.46 per cent drop year-on-year.
The securities broker controls MOP48.9 million (US$6.1 million) of the issued capital of Sun Hung Kai Investment Services (Macau) Limited, an inactive subsidiary of Hong Kong based financial group Sun Hung Kai Financial Limited, of which Everbright holds a 70 per cent share.
Everbright’s non-executive Director, Au Sing Kun, is also the vice chairman of the Macau Association of Banks and CEO of HSBC (Macau).
The decrease in revenues and profits occurred the same year Everbright was listed on the Hong Kong Stock Exchange, with chairman Xue Feng stating in the release that the company faced a ‘sluggish market’ in 2016.
Despite the decrease, Mr. Xue said the group managed to achieve ‘steady growth in primary businesses’ and to make ‘speedy progress in innovative businesses’ and that it would ‘push ahead’ with reform development.