Information and communication technologies innovating applications have posed technical, organizational and commercial challenges in securities industry. This study uses a hypercube model to investigate electronic trading innovative changes in securities industry of China and focuses on their impacts on stakeholders: providers, network operators, securities brokerage firms and customers. The results indicate that Internet securities trading (I-ST) differs substantially from tele-securities trading (Tele-ST) in technological components and business model. From tele-ST to I-ST, innovation is radical to all the stakeholders. However, from I-ST to mobile securities trading (M-ST), innovation is modular to providers and operators, architectural to securities breakage firms and customers. The innovation from tele-ST to I-ST is not a simple supplement process. The changes will influence on the whole securities industry. The innovation from I-ST to M-ST is thought to be primarily a process of supplement rather than a process of substitute.