Layoffs hit securities firms (3)

"But this year, the markets are sluggish and the IPO market has slowed somewhat, which has forced securities firms to cut expenses," said Li.

According to their monthly financial reports, 19 listed securities firms in the Chinese mainland reported a combined profit of 471 million yuan ($75.4 million) in November, a decrease of 31.3 percent month-on-month.

However, China's top think tank, the Chinese Academy of Social Sciences, announced last week that it forecast the world's second largest economy will quicken its growth to 8.2 percent next year, from an expected 7.7 percent this year, partly due to the authorities' growth-boosting policies.

"Of course, if the economy gets better, it would promote stock trading, which will lead to a good period for securities companies. But that process takes at least half a year, I think," said Li.