This Upstart Chinese Brokerage Is Now Bigger Than Credit Suisse Bloomberg News This Upstart Chinese Brokerage Is Now Bigger Than Credit Suisse Bloomberg News East Money becomes world’s fifth largest amid stock surge Broker offers social networking chat, stock and fund apps LISTEN TO ARTICLE Photographer: Qilai Shen/Bloomberg Photographer: Qilai Shen/Bloomberg East Money Information Co. , founded by a 49-year-old former stock commentator, is one of the big winners in China’s wildest stock frenzy in half a decade. Shares in the online broker and market data provider have rocketed 78% this year, giving it a market value of more than 200 billion yuan ($29 billion). […] The stock rally is linked to the rarity of its business model,” said John Zhou, Shanghai-based managing director and fund manager at MQ Investment, who has East Money as one of his top 10 Chinese stock holdings. It’s a financial data provider and broker, it fits in both camps and is the only player in its own field.” […] While Dai said the broker is at the mercy of volatile markets and faces competition from companies such as Ant Group, which obtained license to sell funds in 2015, its broad array of products and user loyalty put it at an advantage.
Click here to read the full article