The difference in valuation is explained by the fact that CITIC Securities, whose shares have tripled so far this year, is trading at more than five times its book value.

At CITIC Securities, which has the largest market capitalisation of all the Chinese securities firms, pay absorbs just 20 per cent of revenues less than half the proportion of their American counterparts.

市值居中国券商之首的中信证券（citic securities），薪酬支出仅占总收入的20%，不到美国同行的一半。

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Zhou xizeng, analyst with CITIC Securities, said steelmakers were trying to adjust rapidly to uncertainty about demand and an inventory build-up.

中信证券（citic securities）分析师周希增认为，由于需求和库存方面的不确定性，钢铁生产商正试图迅速进行相应调整。

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The success of Citic, one of China's largest brokerages, comes as local firms continue to dominate the underwriting market in Asia, especially in primary offerings, according to a separate report by Oliver Wyman, an industry consultant.

行业咨询公司奥纬咨询（Oliver Wyman）的另一份报告显示，作为中国最大的券商之一，中信证券取得成功的背景是：本地公司继续主导着亚洲的承销市场，特别是首次公开发行市场。

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CITIC Securities has been increasing its earnings rapidly and expects to continue growing fast.

中信证券的利润一直在迅速增长，而且有望继续快速增长。

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For top executives at CITIC Securities, Mr Tang was a big reason the deal went forward.

对于中信证券的高层而言，唐伟是这宗交易得以推进的重大原因。

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In the case of Bear Stearns, CITIC narrowly avoided getting burnt in part because of the long and laborious approval process imposed by Chinese regulators who were yet to sign off on the deal.

就贝尔斯登交易而言，中信证券之所以能够脱险，部分原因在于中国监管机构冗长而繁琐的审批程序。

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He said CITIC Securities staffers note how many of the bankers at foreign securities firms who show up to discuss joint underwritings used to work for Chinese firms but left for higher pay.

他表示，中信证券的员工指出，前来商讨股票联合包销的外资证券公司员工，很多人曾在中国企业供职，但为了更高的薪水而离开了本土企业。

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The other pieces, a joint venture in Hong Kong and Citic Securities' investment in Bear Stearns are beyond Beijing's control.

交易其它部分包括双方在香港组建合资企业和中信证券对贝尔斯登的投资，但它们不受北京的控制。

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There have been CITIC Securities ( 600030) successfully listed in Shanghai Stock Exchange through IPO, while other more securities firms have used indirect manner of backdoor listing.

先后有中信证券（600030）成功在上海交易所IPO上市，而其他多家证券公司也都采用借壳上市的方式间接上市。

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The company is already in the vanguard of Chinese financial institutions looking abroad with a set of European acquisitions in early June.

中信证券已经成为寻求海外发展的中国金融机构的先锋，今年6月初在欧洲进行了一系列的收购。

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Bear previously announced a$ 1bn investment from Citic Securities of China.

贝尔斯登此前宣布从中国的中信证券（Citic Securities）获得了10亿美元投资。

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The largest shareholder in Citic Securities is Citic Group, a state-owned conglomerate.

中信证券的最大股东是国有集团企业中信集团（Citic Group）。

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Indicating a more bullish outlook, CITIC Securities said the Shanghai composite may climb above 3000 in the second half as slowing inflation and a fall in home prices ease investor concerns of further tightening.

中信证券（citic securities）对前景更为乐观，称随着通胀趋缓和楼价下跌缓解投资者对进一步收紧的担忧，上证综指可能在下半年升至3000点上方。

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Standard& Poor and CITIC Securities try to create two exponent series.

标准普尔与中信证券致力创制两个指数系列。

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The CITIC securities company and the CICC company have higher efficiency.

中信证券和中金公司内部资源配置效率高。

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As is learned, important financial institutions, such as CITIC Securities, are considering moving to Beijing as their registering place.

本报记者了解到，中信证券等国内重要金融机构正考虑将公司的注册地迁至北京。

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Citic has long been willing to consider partnerships with global companies to help it grow internationally.

中信证券一直愿意考虑与全球公司进行合作，借此发展自己的国际业务。

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CITIC and its much smaller competitor Hong Yuan Securities are the only listed brokerages in China.

中信证券及规模比其小得多的竞争对手宏源证券（hong yuan securities）是中国仅有的两家上市券商。

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For some time the property market has been expecting measures to restrict foreign capital that would have a significant impact, said Duan Hairui, an analyst at Citic Securities.

一段时间以来，房地产市场一直在期待中央政府出台限制外资的影响重大的措施，中信证券（Citic Securities）分析师段海瑞表示。

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Approximately 65 per cent of those proceeds will go to used to establish or acquire overseas research platform and sale and trading networks, according to a term sheet for the listing.

中信证券的招股说明书表明，大约65%的募资所得将用于建立或收购海外研究平台以及销售和交易网络。

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