Despite the impact of COVID-19 on global and local markets, and uncertainty in the international political and economic situation as a result of geopolitical influences, China’s capital markets face a significant opportunity due to the implementation of various measures to deepen the reform and the lifting of foreign shareholding caps. KPMG China released the Mainland China Securities Survey 2020, which was prepared based on the 2019 financial statements of 132 securities companies in mainland China. The report shows the securities industry is witnessing trends such as industry consolidation and model differentiation accelerating, existing and incremental reforms going hand in hand, and digital transformation leading to high-quality development. Strategic positioning according to existing resources will be crucial, as well as the continued diversified development of mega-sized securities companies or boutique firms. At the same time, securities companies need to enhance their core competencies, fully utilise fintech to accelerate digital transformation, optimise organisational structures and talent systems, and promote the synergy of financial capital and the real economy. 

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