Who is CLSA?

A collective of curious individuals who together, seek out and curate investible, tradable ideas for our clients.

Over 30 Years of Insights

CLSA’s clients know us for being out of the box thinkers who provide unrivalled insights on the issues and trends impacting investment decisions.

CLSA was founded in 1986 by Jim Walker and Gary Coull, two former journalists who focused on ‘the story’. Our journalistic heritage has never left us and for over thirty years we have told the story of Asia.

True pioneers in the development of the Asian securities industry, over 20 years they built what is today Asia’s leading brokerage and investment group. Both Jim and Gary passed away too young.

Jim Walker (1949 – 2004)

Gary Coull (1954 – 2006)



CLSA founded in Hong Kong by two former journalists, Gary Coull and Jim Walker.


CLSA takes a ‘peep across the border’ in the 10-year countdown to Hong Kong’s handover to China.


CLSA opens offices in London, New York and Tokyo.


CLSA launches The Vanishing Border, a video forecasting the impact of China on Hong Kong.


CLSA produces the first Feng Shui Index. Now our most highly anticipated annual report.


CLSA hosts the first Investors’ Forum in Hong Kong.


CLSA’s private equity business CLSA Capital Partners is born.


CLSA hosts its first China Forum in Beijing and the first India Forum in Goa.


CLSA’s ponders Hong Kong’s joint declaration and basic law in the same year as the Asian financial crisis.


CLSA partners with Bloomberg to launch G-Trade wholesale executions services business.


CLSA releases its first Corporate Governance report.


CLSA global strategist Christopher Wood publishes his first Greed and Fear.


CLSA creates Fortune CLSA Securities, the first sino-foreign JV in China following China’s entry into the WTO (A-share broking license granted in 2008).


CLSA hosts first Japan Forum in Tokyo.


CLSA is one of only five foreign brokerages granted full-equity brokerage license in Malaysia.


CLSA’s inaugural Chairman’s Trust dealing day raises US$5 million. One of the first CT benefactors is Room to Read.


The first CLSA Australia office opens in Sydney and hires Brian Johnson, Australia’s top-ranked banks analyst.


CLSA initiates coverage of US-listed equities and hires Mike Mayo, one of the top-ranked US banks analysts.


CLSA launches PRADA S.P.A the first Italian company listed on the Hong Kong Stock Exchange.


CITIC Securities acquires CLSA following an initial 19.9% investment in 2011. Read the article in Institutional Investor


First joint CLSA / CITICS research report is published in preparation for the HK-Shanghai Stock Connect.


CITIC Securities International and CLSA merge their corporate finance and capital markets teams.


CLSA launches first two ETFs: Chimerica and GARY with HK’s Enhanced Investment Products.


CLSA celebrates 30 years of broking and investing.


CLSA has received numerous industry awards for its independent and insightful research, high quality equity brokerage and corporate finance & capital markets services.


FinanceAsia Country Award

  • Best investment bank in Hong Kong among Chinese Financial Institutions
  • Best broker in Hong Kong among Chinese Financial Institutions

Asiamoney Brokers Poll 

  • No.1 Overall Combined Regional Research & Sales (Asia Ex Australia, China A&B, Japan)
  • No.1 Overall Combined Research & Sales in Australia
  • No.1 Overall Combined Research & Sales in Japan
  • No.2 Overall Combined Research & Sales in China (A & B Shares)

The Asset Triple A Country Awards


  • Best equity-linked in China: China Shipbuilding Industry Corporation zero-coupon US$1 billion exchangeable bond into Postal Savings Bank of China shares
    • CLSA as one of the global coordinators and bookrunners
  • Best bank capital in China: China CITIC Bank International US$1.8 billion multi-tranche senior bond
    • CLSA as one of the global coordinators


  • Best high yield bond in Indonesia: Medco Energi US$500 million senior notes
    • CLSA as one of the bookrunners


  • Best FIG bond in the Philippines: Security Bank US$300 million senior unsecured notes
    • CLSA as one of the lead managers and bookrunners


  • Best M&A in Bangladesh: Shenzhen Stock Exchange and Shanghai Stock Exchange US$119 million acquisition of a 25% stake in the Dhaka Stock Exchange
    • CLSA as the sole financial advisor


  • Best IPO in India: HDFC Standard Life Insurance US$1.3 billion IPO
    • CLSA as one of the global coordinators, bookrunners and lead managers
  • Best new bond in India: YES Bank US$600 million fixed rate notes
    • CLSA as one of the bookrunners and lead managers

Asiamoney Brokers Poll 

  • No.1 Overall Combined Regional Research and Sales for Asia (ex-Australia, China A&B, Japan)
  • No.1 Overall Combined Research and Sales for Japan
  • No.1 Overall Combined Research and Sales for Australia

Institutional Investor All-Asia Trading Team Rankings 

  • No.1 High Touch Trading for Developing Trading Markets – Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam
  • No.1 High Touch Trading for Frontier Trading Markets – Bangladesh, Brunei, Cambodia, Laos, Myanmar, Pakistan, and Sri Lanka
  • No.1 High Touch Trading – India
  • No.1 Local Market Color – India
  • No.1 Local Market Color – Korea

The Asset Triple A Regional Awards


  • Best Bank Capital – Postal Savings Bank of China US$7.25 billion additional tier 1 capital securities
  • CLSA acted as joint bookrunner and lead manager on this

The Asset Triple A Country Awards


  • Best Bank Capital – Postal Savings Bank of China US$7.25 billion additional tier 1 capital securities
  • CLSA acted as joint bookrunner and lead manager on this deal
  • Best Domestic M&A – CITIC consortium US$2.08 billion acquisition of McDonald’s China Management Limited
  • CLSA acted as financial adviser on this deal

 Sri Lanka

  • Best Bond – Democratic Socialist Republic of Sri Lanka US$1.5 billion fixed rate notes
  • CLSA acted as joint bookrunner and lead manager on this deal

 GlobalCapital Asia Regional Capital Markets Awards

  • Best Financial Bond – Postal Savings bank of China’s $7.25bn Basel III-compliant additional tier one bond
  • CLSA acted as one of the bookrunner and lead managers on the deal


Asiamoney Best Domestic Bank Awards 2016

  • Best Domestic Equity House in Hong Kong


FinanceAsia Country Awards 2015

  • Best Chinese ECM House in Hong Kong
  • Best Chinese Investment Bank in Hong Kong
  • Best Chinese Broker in Hong Kong

Thomson Reuters The StarMine Analyst Awards 2015 (Australia & New Zealand)

Overall Category

  • No.1 Financial Services – Stock Picking
  • No.1 Health Care and Diversified Industrials – Stock Picking
  • No.1 Chemicals & Forest Products – Earnings Estimating
  • No.1 Hotels, Restaurants & Leisure – Earnings Estimating
  • No.1 Telecom Services & Information Technology – Earnings Estimating

Asiamoney Brokers Poll 2015 Asia (ex. Japan and Australia)


  • No.1 Most Independent Research
  • No.1 Best Regional Strategist
  • No.1 Best Economist
  • No.1 Best Regional Quantitative/Technical Analyst
  • No.1 Best Analyst for Software & Internet Services
  • No.1 Best Team for Strategy, Quantitative/Technical Analysis, Consumer Staples, Materials and Software & Internet Services

Sales & Trading / Execution

  • No.1 Best Team for Regional Sales
  • No.1 Best Regional Salesperson
  • No.1 Best Salesperson in China, Hong Kong, Indonesia and The Philippines
  • No.1 Best Sales Trader in India and The Philippines


CLSA provides corporate finance & capital markets, asset management, wealth management and securities services to global corporate and institutional clients.

  • Headquartered in Hong Kong
  • Located in 21 cities across Asia, Australia, Europe and the United States
  • Securities/Corporate Finance & Capital Markets/Asset Management/Wealth Management
  • No.1 Overall Combined Regional Research & Sales for Asia (ex-China A&B), Japan and Australia in the Asiamoney Brokers Poll 2018-2017
  • Since 2007, the CLSA Chairman’s Trust has donated over US$27.7 million to more than 120 non-profit organisations
  • 2,000 employees globally
  • CLSA’s parent company is CITIC Securities

CITIC Securities

CLSA’s parent company CITIC Securities is China’s leading brokerage and investment bank*.

With the mission to become a world-class, China-focused, global investment bank, CITIC Securities acquired CLSA in July 2013 and became the first Chinese brokerage to purchase a global financial institution. CLSA is now a wholly-owned subsidiary of CITIC Securities, China’s leading securities firm and largest underwriter of Chinese debt and equity.

CITIC Securities was established in October 1995 and headquartered in Shenzhen. The Company offers a wide range of financial services and products including securities brokerage, investment banking and asset management, to a large and diverse client base encompassing corporations, financial institutions, governments and individuals.

Together, CITIC Securities and CLSA share the common vision of becoming a dominant force in global broking and investment banking driven by a culture of excellence, integrity and independence.

For any further information, please see www.cs.ecitic.com

* CITIC Securities was No.1 Securities Company in China in terms of Revenue and Net Profit in 2017 according to its 2017 full year financial results announced in March 2018.