As Chinese companies expand overseas and Beijing pushes to build globally competitive investment banks, the country’s leading brokerages are increasingly looking beyond the mainland market for growth, accelerating efforts to expand their international operations.

Citic Securities, China’s most profitable brokerage and until recently its largest by assets, became the latest example on Thursday when it unveiled plans to raise 16 billion yuan (US$2.4 billion) through a new H-share placement to its parent company, Citic Financial Holdings, with all proceeds earmarked for overseas operations.

The deal marks the largest equity fundraising by a Chinese brokerage since 2022.

The previous record-holder was also Citic. In 2022, the firm raised 28 billion yuan through a rights issue, with most of the proceeds earmarked for capital-intermediary businesses such as margin financing and securities lending, as well as investments in subsidiaries and technology systems.

Beijing’s push to build internationally competitive investment banks is gathering pace.

Last year’s merger between Guotai Junan Securities and Haitong Securities created China’s largest brokerage by assets, overtaking long-time industry leader Citic Securities. Meanwhile, China International Capital Corporation has sought control of Dongxing Securities and Cinda Securities as part of efforts to strengthen its position and expand its international competitiveness.