Hong Kong-listed stock broker Haitong International to hire 500 wealth managers as its bucks downturn

Haitong International Securities Group, the largest mainland-backed stockbroker in Hong Kong by net assets, plans to hire an additional 500 wealth managers and has bought a brand new 12,000 square feet office in Wong Chuk Hang as part of its expansion plans, according to a senior executive.

Haitong, the first Chinese broker to get a licence to act as market maker on Nasdaq in October, has seen its wealth management business improve significantly in recent times, making it one of the few Chinese companies to keep hiring despite the market downturn this year.

It currently employs 180 wealth managers.

“Despite the Hang Seng Index falling 13 per cent this year and the ongoing trade war between China and the US, Haitong International remains positive about the economic growth of Hong Kong and mainland China, which will increase demand for wealth management services,” managing director Duke Du Jinsong said in an interview.

“We also consider this is as a social responsibility to provide job opportunities and training for the next generation of brokers in Hong Kong.”

The Securities and Futures Commission last week said it had received a record 2,354 individual broking licence applications in the July to September quarter, up 15 per cent from a year earlier. That lifted the number of SFC-licensed individuals to 46,063 at the end of September and licensed firms to 2,844 – both record highs.