Fu Xiaotong Holds 84.25 Million CITIC Securities Shares, Becomes Eighth Largest Shareholder
As 2026 interim reports near completion, prominent individual investors have emerged among top shareholders of major brokerages. Fu Xiaotong held 84.25 million CITIC Securities shares by June 30, becoming its eighth largest shareholder, with a market value of about RMB 2.42 billion. CITIC Securities reported H1 revenue of RMB 49.69 billion, up 50% year on year, and net profit attributable to shareholders of RMB 23.34 billion, up 69.6%. Other brokerages also posted strong results, with net profit growth ranging from 20% to 80%.
As the disclosure season for 2026 interim reports draws to a close, the shareholding moves of well-known A-share individual investors are gradually coming to light. Beyond the technology stocks that have dominated attention in the past two years, the top ten shareholder lists of leading brokerages—long dominated by state-owned capital and institutional investors—now feature substantial positions taken by prominent individual investors in 2026. As of August 26, among published brokerage interim reports, individual shareholders have appeared in the top ten shareholder lists of CITIC Securities, Northeast Securities, Huaxi Securities, and Zhongyuan Securities.
The trend of individual investors taking heavy positions in brokerage stocks can be traced back to the April 2026 disclosure of CITIC Securities' first-quarter report. That report showed that as of March 31, 2026, natural person Fu Xiaotong held 84.11 million newly acquired shares, representing a 0.57% stake, making him the company's ninth largest shareholder. Based on the closing price of RMB 24.04 on March 31, the market value of his holdings was approximately RMB 2.02 billion. According to the 2026 interim report, Fu held 84.25 million shares of CITIC Securities, adding 136,600 shares in the second quarter, and rose to become the eighth largest shareholder. Based on the June 30 closing price, the market value of his holdings was approximately RMB 2.42 billion.
Northeast Securities' top ten circulating shareholders include four natural-person investors. Pan Jinyun held 25.12 million shares at the end of the period, a 1.07% stake, and has appeared on the list since September 2020. Yang Haibing held 23.35 million shares and entered the list in the third quarter of 2025. Li Yongjun first appeared in the first quarter of 2026, added 196,700 shares in the second quarter, and held 13.71 million shares as of June 30. Wan Zhongbo is a new entrant in the 2026 interim report, holding 10.72 million shares, and also appears on Huaxi Securities' interim top ten list with 39.63 million shares, unchanged from the first quarter.
Zhongyuan Securities' top ten circulating shareholders also include a new prominent individual investor. As of June 30, Li Guo held 35 million shares, ranking as the company's tenth largest circulating shareholder. In the first quarter of 2026, Li appeared on the top ten lists of Rizhao Port and Shanghai Environment, but not among brokerage shareholders. A June buyback announcement from Sinolink Securities showed that as of June 9, 2026, Wu Lianzhang ranked as the company's ninth largest circulating shareholder with 22.48 million shares. Wu first entered Sinolink's top ten shareholder list in the 2025 annual report.
The brokerage industry performed well in the first half of 2026, with leading firms posting record results. CITIC Securities generated revenue of RMB 49.69 billion in H1, up 50% year on year, and net profit attributable to shareholders of RMB 23.34 billion, up 69.6%. Guotai Haitong reported revenue of RMB 47.2 billion, nearly doubling year on year, with net profit attributable to shareholders of RMB 20.3 billion, up 29%; second-quarter net profit was RMB 13.9 billion, up 117% quarter on quarter and 297% year on year. East Money and CSC Financial posted net profits attributable to shareholders of RMB 8.1 billion and RMB 7.6 billion, up 45% and 69% respectively. Everbright, Industrial, Dongxing, and Northeast Securities saw net profit growth in the 20% to 80% range.
With strong brokerage earnings in recent years, dividend income from holding brokerage stocks has become substantial for individual investors. CITIC Securities' 2026 interim dividend plan is RMB 4.27 per 10 shares (pre-tax), totaling RMB 6.67 billion, representing 29.39% of interim net profit attributable to shareholders. Based on Fu Xiaotong's 84.25 million shares at the end of the interim period, his cash dividend would be approximately RMB 36.07 million (pre-tax). The core support for brokerage performance comes from the record A-share turnover of RMB 317.5 trillion in H1, which directly drove growth in brokerage and proprietary trading businesses. With resilient market trading activity, margin financing balances rebounding from lows to improve leverage sentiment, and a stable low-interest-rate monetary policy environment, brokerage sector performance retains a degree of certainty amid ample liquidity.