Who is CLSA?
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.
Timeline

1986
CLSA founded in Hong Kong by two former journalists, Gary Coull and Jim Walker.

1987
CLSA takes a ‘peep across the border’ in the 10-year countdown to Hong Kong’s handover to China.

1989
CLSA opens offices in London, New York and Tokyo.

1990
CLSA launches The Vanishing Border, a video forecasting the impact of China on Hong Kong.

1992
CLSA produces the first Feng Shui Index. Now our most highly anticipated annual report.

1994
CLSA hosts the first Investors’ Forum in Hong Kong.

1995
CLSA’s private equity business CLSA Capital Partners is born.

1996
CLSA hosts its first China Forum in Beijing and the first India Forum in Goa.

1997
CLSA’s ponders Hong Kong’s joint declaration and basic law in the same year as the Asian financial crisis.

1999
CLSA partners with Bloomberg to launch G-Trade wholesale executions services business.

2000
CLSA releases its first Corporate Governance report.

2002
CLSA global strategist Christopher Wood publishes his first Greed and Fear.

2003
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).

2004
CLSA hosts first Japan Forum in Tokyo.

2005
CLSA is one of only five foreign brokerages granted full-equity brokerage license in Malaysia.

2007
CLSA’s inaugural Chairman’s Trust dealing day raises US$5 million. One of the first CT benefactors is Room to Read.

2009
The first CLSA Australia office opens in Sydney and hires Brian Johnson, Australia’s top-ranked banks analyst.

2009
CLSA initiates coverage of US-listed equities and hires Mike Mayo, one of the top-ranked US banks analysts.

2011
CLSA launches PRADA S.P.A the first Italian company listed on the Hong Kong Stock Exchange.

2013
CITIC Securities acquires CLSA following an initial 19.9% investment in 2011. Read the article in Institutional Investor

2014
First joint CLSA / CITICS research report is published in preparation for the HK-Shanghai Stock Connect.

2015
CITIC Securities International and CLSA merge their corporate finance and capital markets teams.

2015
CLSA launches first two ETFs: Chimerica and GARY with HK’s Enhanced Investment Products.

2016
CLSA celebrates 30 years of broking and investing.
1986
CLSA founded in Hong Kong by two former journalists, Gary Coull and Jim Walker.
1987
CLSA takes a ‘peep across the border’ in the 10-year countdown to Hong Kong’s handover to China.
1989
CLSA opens offices in London, New York and Tokyo.
1990
CLSA launches The Vanishing Border, a video forecasting the impact of China on Hong Kong.
1992
CLSA produces the first Feng Shui Index. Now our most highly anticipated annual report.
1994
CLSA hosts the first Investors’ Forum in Hong Kong.
1995
CLSA’s private equity business CLSA Capital Partners is born.
1996
CLSA hosts its first China Forum in Beijing and the first India Forum in Goa.
1997
CLSA’s ponders Hong Kong’s joint declaration and basic law in the same year as the Asian financial crisis.
1999
CLSA partners with Bloomberg to launch G-Trade wholesale executions services business.
2000
CLSA releases its first Corporate Governance report.
2002
CLSA global strategist Christopher Wood publishes his first Greed and Fear.
2003
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).
2004
CLSA hosts first Japan Forum in Tokyo.
2005
CLSA is one of only five foreign brokerages granted full-equity brokerage license in Malaysia.
2007
CLSA’s inaugural Chairman’s Trust dealing day raises US$5 million. One of the first CT benefactors is Room to Read.
2009
The first CLSA Australia office opens in Sydney and hires Brian Johnson, Australia’s top-ranked banks analyst.
2009
CLSA initiates coverage of US-listed equities and hires Mike Mayo, one of the top-ranked US banks analysts.
2011
CLSA launches PRADA S.P.A the first Italian company listed on the Hong Kong Stock Exchange.
2013
CITIC Securities acquires CLSA following an initial 19.9% investment in 2011. Read the article in Institutional Investor
2014
First joint CLSA / CITICS research report is published in preparation for the HK-Shanghai Stock Connect.
2015
CITIC Securities International and CLSA merge their corporate finance and capital markets teams.
2015
CLSA launches first two ETFs: Chimerica and GARY with HK’s Enhanced Investment Products.
2016
CLSA celebrates 30 years of broking and investing.
Awards
2021 Corporate Finance & Capital Markets awards
- FinanceAsia Country Awards 2021
- FinanceAsia Achievement Awards 2021
- The Asset Triple A Sustainable Capital Markets Country & Regional Awards 2021
- The Asset Triple A Sustainable Capital Markets Awards 2021
2021 Equity Derivatives awards
- Euromoney Structured Retail Products (SRP) China Awards 2021
- Asia Risk Awards 2021
2021 FICC Awards
- Bond Connect Awards 2021






FinanceAsia
FinanceAsia Country Awards 2021
- Best ECM House in Hong Kong (Chinese FIs)
FinanceAsia Achievement Awards 2021
- Best IPO – JD Logistics, Inc.
The Asset
The Asset Triple A Sustainable Capital Markets Country & Regional Awards 2021
- Best REIT – the Philippines
- RL Commercial Reit 23.5 billion pesos IPO
- Best Sustainability Bond – Real estate
- Minmetals Land US$300 million senior unsecured sustainable bond
- Best green bond – Financial institution
- Bank of China (Macau) CNH1 billion biodiversity-themed green bond
- Bank of China (Sydney) US$300 million green bond
- Best green bond – Technology
- Xiaomi Corporation US$400 million senior unsecured green bond – Bank of China (Hong Kong) US$500 million Sofr FRNs
- Most innovative deal
- Bank of China (Hong Kong) US$500 million Sofr FRNs
- Bank of China (London) £300 million Sonia FRNs
- Best green bond – Policy bank
- China Development Bank (Hong Kong) US$500 million senior unsecured green notes
The Asset Triple A Sustainable Capital Markets Awards 2021
- Best sustainability-linked bond/green bond/transition bond – Banks – Quasi-sovereign
- China Construction Bank (Hong Kong) US$1.15 billion dual tranche sustainability-linked bond
- Best sustainability-linked bond/green bond/transition bond – Banks – Quasi-sovereign
- China Construction Bank (Singapore) CNH2 billion senior transition bond
- Best sustainability re-linked bond
- Bank of China (London) US$300 million senior unsecured sustainability re-linked notes
- Best green bond
- ICBC US$3.2 billion equivalent multi-currency, multi-tranche senior green bonds
- Best sustainability bond
- Wuhan Metro Group Company US$400 million senior unsecured sustainability notes
Euromoney Structured Retail Products (SRP) China Awards 2021
- Best Domestic House: CITIC Securities
- Best Index Provider – Securities House: CITIC Securities
- Deal of the Year
- Risk Relieved Snowball Autocallable
- Best Distributor – Securities House: CITIC Securities
- Best Performance – Securities House: CITIC Securities
Asia Risk Awards 2021
- China House of the Year: CITIC Securities
BOND CONNECT Awards 2021
- Outstanding Investment Bank
Institutional Investor All-Asia Research Local Broker Rankings 2021
Australia / New Zealand
- No.2 broker firm
China
- No.2 broker firm
- Top ranked analyst for banks – Hans Fan
- Top ranked analyst for small- & mid-capitalization stocks – Timothy Lee
- Top ranked analyst for technology/semiconductors – Sebastian Hou
Hong Kong
- No.2 broker firm
- Top ranked analyst for banks – Hans Fan
- Top ranked analyst for consumer staples – Terrance Liu
- Top ranked analyst for small- & mid-capitalization stocks – Timothy Lee
- Top ranked analyst for technology/hardware – Sebastian Hou
- Top ranked analyst for technology/semiconductors – Sebastian Hou
India
- No.3 broker firm
Indonesia
- No.1 broker firm
- Top ranked analyst for consumer staples – Merlissa Trisno
- Top ranked analyst for telecommunications – Norman Choong
Malaysia
- No.1 broker firm
- Top ranked analyst for banks – Peter Kong
- Top ranked analyst for health care & pharmaceuticals – Stephanie Cheah
- Top ranked analyst for industrials – Peter Kong
- Top ranked analyst for technology/hardware – Paul Yap
Philippines
- No.1 broker firm
- Top ranked analyst for power – Bennette Fajardo
Singapore
- No.2 broker firm
- Top ranked analyst for consumer staples – Jonathan Galligan
South Korea
- No.2 broker firm
- Top ranked analyst for banks – Jongmin Shim
- Top ranked analyst for gaming & lodging – Brian Lee
- Top ranked analyst for health care & pharmaceuticals – Harry Kim
- Top ranked analyst for technology/hardware –Sanjeev Rana
- Top ranked analyst for technology/IT services & software– Seungjoo Ro
Taiwan
- No.3 broker firm
- Top ranked analyst for technology/IT services & software technology/hardware – Sebastian Hou
- Top ranked analyst for technology/semiconductors – Sebastian Hou
Thailand
- No.1 broker firm
- Top ranked analyst for consumer staples – Suchart Techaposai
Asiamoney Brokers Poll 2022
Regional – brokers
- No.2 Best Regional Brokerages (Asia ex Australia and Japan)
- No.2 Best Regional Brokerages for Research (Asia ex Australia & Japan)
- No.2 Best Regional Brokerages for Sales (Asia ex Australia & Japan)
Regional – individuals
- No.1 Best regional quantitative / technical analysts – Laurence Balanco
- No.2 Best regional economists – Eric Fishwick
- No. 3 Best regional analysts for banks – Hans Fan
- No. 3 Best regional analysts for insurance – Hans Fan
Australia
Brokers
- No.1 Best international brokerages
- No.1 Best brokerages for sales
- No.1 Best brokerages for corporate access
- No.3 Best brokerages for execution
- No.3 Best brokerages for research
Individuals
- No.1 Best economist – Eric Fishwick
- No.1 Best quantitative/technical analyst – Laurence Balanco
- No.1 Best analyst for consumer discretionary – Richard Barwick
- No.1 Best analyst for consumer staples – Richard Barwick
- No.1 Best analyst for financials (non-banking) – Ed Henning
- No.1 Best analyst for industrials – Daniel Kang
- No.1 Best analyst for materials – Daniel Kang
- No.1 Best analyst for software & internet services – Ed Henning
- No.1 Best analyst for telecommunication services – Elijah Mayr
- No.1 Best sales trader – Patrick Plummer
China (A&B shares)
Brokers
- No.2 Best domestic brokerages
- No.2 Best brokerages for corporate access
- No.2 Best brokerages for execution
- No.3 Best brokerages for research
- No.3 Best brokerages for sales
- No.3 Best brokerages for Stock Connect Northbound trading
Hong Kong
Brokers
- No.3 Best brokerages for corporate access
India
Brokers
- No.2 Best international brokerages
Indonesia
Brokers
- No.1 Best international brokerages
- No.1 Best brokerages for ESG research
- No.2 Best brokerages for research
- No.2 Best brokerages for sales
- No.2 Best brokerages for execution
- No.3 Best brokerages for corporate access
Individuals
- No.1 Best analyst for small/mid caps – Jonathan Mardjuki
Japan
Brokers
- No.1 Best brokerages for corporate access
- No.1 Best brokerages for execution
- No.2 Best international brokerages
- No.2 Best brokerages for research
- No.2 Best brokerages for sales
Individuals
- No.1 Best strategist – Nicholas Smith
- No.1 Best economist – Eric Fishwick
- No.1 Best quantitative/technical analyst – Laurence Balanco
- No.1 Best analyst for automobiles & components – Christopher Richter
- No.1 Best for corporate access – Kaoru Shibuya
South Korea
Brokers
- No.2 Best international brokerages
- No.2 Best brokerages for research
- No.2 Best brokerages for sales
- No.2 Best brokerages for corporate access
- No. Best brokerages for execution
Individuals
- No.1 Best analyst for real estate – Steve Chung
- No.1 Best analyst for transportation & logistics – Steve Chung
Malaysia
Brokers
- No.1 Best international brokerages
- No.2 Best brokerages for research
- No.2 Best brokerages for sales
- No.3 Best brokerages for corporate access
- No.3 Best brokerages for execution
- No.3 Best brokerages for ESG research
Individuals
- No.1 Best analyst for semiconductors & semiconductor equipment – Paul Yap
- No.1 Best analyst for technology hardware & equipment – Paul Yap
- No.1 Best salesperson – Sean La Faber
- No.1 Best sales trader – Hazel Yap
Pakistan
Brokers
- No.3 Best international brokerages
Individuals
- No.1 Best analyst for real estate – Naumair Jadoon
- No.1 Best analyst for telecommunication services – Naumair Jadoon
Philippines
Brokers
- No.1 Best international brokerages
- No.1 Best brokerages for research
- No.1 Best brokerages for sales
- No.1 Best brokerages for corporate access
- No.2 Best brokerages for execution
Individuals
- No.1 Best strategist – Alfred Dy
- No.1 Best economist – Anthony Nafte
- No.1 Best analyst for small/mid-caps – Bennette Fajardo
- No.1 Best analyst for banks – Alfred Dy
- No.1 Best analyst for consumer discretionary – Bennette Fajardo
- No.1 Best analyst for consumer staples – Joyce Anne Ramos
- No.1 Best analyst for energy – Bennette Fajardo
- No.1 Best analyst for financials (non-banking) – Alfred Dy
- No.1 Best analyst for materials – Joyce Anne Ramos
- No.1 Best analyst for real estate – Marc Espino
- No.1 Best analyst for software & internet services – Marc Espino
- No.1 Best analyst for telecommunication services – Marc Espino
- No.1 Best analyst for utilities – Bennette Fajardo
- No.1 Best salesperson – Andre Mikael Dy
Singapore
Brokers
- No.2 Best international brokerages
- No.3 Best brokerages for sales
- No.3 Best brokerages for execution
Individuals
- No.1 Best quantitative/technical analyst – Laurence Balanco
Thailand
Brokers
- No.2 Best international brokerages
- No.2 Best brokerages for research
- No.2 Best brokerages for sales
- No.3 Best brokerages for execution
Individuals
- No.1 Best quantitative/technical analyst – Laurence Balanco
- No.1 Best analyst for banks – Weerapat Wonk Urai
Taiwan
Brokers
- No.2 Best international brokerages
KEY FACTS
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
- 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.