The revenue of China's securities firms totaled 3.024 billion yuan (373.3 million US dollars) in August, hitting a new high since May 2004, the Economic Daily reported on Wednesday.

This figure is almost 100 percent higher than the average monthly revenue in the first seven months this year, the newspaper said.

In August, these stockjobbers in China gained 2.726 billion yuan from A-share services, 75.28 million yuan from fund services, 67.43 million from bonds services, 40.31 million from B-share services, 43 million from buy-back service and 72.24 million from options dealing, all hitting new high in 2005, the newspaper said.

The newspaper attributed the revenue growth mainly to the recent stock index rise and total turnover increase, which were caused by the ongoing share structure reform launched by the government in full swing.

The composite stock index of the Shanghai bourse, which covers yuan-denominated A shares and foreign-currency B shares listed on the bourse, once dropped to an eight-year low of 998.23 points in June this year.

As the government forcefully pushed forward the share reform to end the split share structure, which refers to the existence of a large volume of non-tradable state-owned and institution-held shares, the composite index rebounded by about 20 percent so far with total turnovers going up all the time.

China International Capital Corporation's revenue in August reached 127 million yuan, the highest among all stockjobbers, according to the newspaper.

Source: Xinhua