CITIC Securities profits up fivefold

CITIC Securities announced profits of US$326 million in 2007, a fivefold increase over the previous year, the Wall Street Journal reported. China’s largest brokerage house profited from increased trading commissions and underwriting fees during last year’s mainland bull market. The announcement was in line with market expectations. In October, CITIC Securities agreed with US investment bank Bear Stearns to buy US$1 billion stakes in each other.