Everbright Securities Company racked up an estimated 870 million yuan (about 109 million U.S. dollars) in net profits in the first quarter of the year, up ten times over the same period of last year, company sources told Xinhua.

Business income rose 5.5 times year on year to 1.16 billion yuan in the first three months, with more than 400 million yuan coming from assets management business.

Everbright Securities plans to go public as early as possible, said board chairman Wang Mingquan at its annual working conference.

China's securities companies are quite small compared with international giant brokerages, such as Goldman Sachs and Morgan Stanley, and most of them are not listed on the stock market.

Shanghai-based Everbright Securities was established in 1996. In 2006, its net assets yield was 30.5 percent, according to company sources.

Source: Xinhua