China's largest securities trader sees heavy profit shrinkage in July

BEIJING - China's largest securities trader saw its net profit shrink substantially in July, according to data released Thursday.

The revenue of CITIC Securities in July stood at 3.6 billion yuan ($594 million), down 20.2 percent compared with last month while its July net profit only reached 1.5 billion yuan, falling 36.8 percent compared with June.

Other domestic counterparts including Haitong Securities and Founder Securities all saw shrinking revenues and profits.

The revenue and profit shrinkages are likely to be the result of volatility in the stock market.