The focus of this study is risk management in the securities industry in Mainland China. By summarizing risk related data from securities firms and utilizing factor analysis, five common factors are extracted for further regression analysis. The relationship between common factors and risk indices - risk rating, standard deviation of operating income, Sharpe ratio, bankruptcy risk, and default risk - is then estimated. The results indicate that risk rating could be downgraded when securities firms overinvested. Besides, operating income volatility would be changed with managerial attributes of securities firms. As far as present development of securities industry is concerned, high risk investments accompany with high returns; however, the possibility of business operation crisis is also raised. These evidences reveal that various risk indices can be individually explained by distinct determinants, whereas those estimates can also be integrated for further analysis of systematic risk in China's securities market.