Galaxy Securities, China's seventh-largest brokerage, debuted in Hong Kong on Wednesday after having to cancel its launch ceremony due to storms. The stock rose on its first day of trading. The firm's chairman Chen You'an is upbeat about growth ahead.

For Galaxy Securities, Wednesday's storm in Hong Kong was like a parable of Chinese brokerages' trading environment.

China's brokerages face a tough fight for commissions in an underperforming market. Whether there's underwriting income still depends on when regulators decide to resume IPOs. There is also increasing scrutiny on brokers helping unqualified companies list, as Ping An Securities' recent punishment showed. But Galaxy's Chairman Chen You'an sees vast opportunities ahead.

"Banks now occupy more than 92 percent, insurers 7 percent, while brokerages only take up about 1 percent. This imbalance provides a huge opportunity for the development of China's securities companies and investment banks," Chen said.

Investors seem to agree that the IPO was oversubscribed in both the institutional and retail portions. After the H-share listing, Chen You'an says Galaxy Securities will push for its A-share listing.

"There are some effective measures to get into the A-share market such as issuing convertible bond or preferred stock," Chen said.

Galaxy Securities raised nearly US$ 1.1 billion, the second biggest IPO in Hong Kong this year. The biggest deal, Sinopec Engineering, will debut on Thursday which raised US$ 1.8 billion.