(Yicai Global) April 4 -- Some 88 percent of Chinese brokerages have posted a fall in revenue in 2022 from the year before as a sluggish stock market greatly impacts their performance and the majority of them reduced salaries last year

Only three out of the 26 securities firms to have published their financial reports for 2022 so far logged a jump in revenue from the year before and only two achieved profit growth, according to data from Wind Information

Shanghai Chinafortune, Zheshang Securities and Chinalin Securites were the only brokers to report an increase in revenue. Chinafortune logged a 5.6 percent jump to CNY2.4 billion (USD354.5 million), while the latter two posted increases of 2.4 percent and 0.1 percent respectively

While Founder Securities was the best performer, posting a 17.8 percent surge in profit to CNY2.1 billion (USD312 million) while Cinda Securities achieved a 4.7 percent jump

Almost 70 percent of brokerages have lowered salaries. Haitong Securities made the biggest cuts, slashing its payroll expenses by 40.1 percent to CNY4.5 billion, according to Wind data

And just eight securities firms hiked compensation. Eastmoney was the most generous with its pay checks soaring 27.5 percent to CNY523 million (USD76 million)

At the end of 2022, the Shanghai Securities Composite Index ended the year down 15.1 percent at 3,089.26 points and the Shenzhen Stock Exchange Component Index finished down 25.9 percent at 11,015.99 points.

Editor: Kim Taylor