(Yicai Global) Dec. 19 -- Just 40 of the 92 Chinese brokerages qualified to underwrite initial public offerings have generated any revenue from the service so far this year.

Those that did earn an income from IPO underwriting had made CNY5.1 billion (USD7.4 billion) as of yesterday, 65 percent less than the same period last year, Securities Daily reported this morning. Seven of the other brokers have not generated cash from the service in three years.

The top 10 underwriters dominated sales, racking up CNY3.5 billion, or 68.4 percent of the total.