China Merges Two Brokerages to Create $230 Billion Giant [Yahoo! Finance]
CITIC SECURITIES UNSP/ADR (CIIHY)
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Source: Yahoo! Finance
(Bloomberg) -- China is combining two of its largest state-backed brokerages to create a new behemoth as it seeks to consolidate the $1.7 trillion sector amid a slump in deals. Most Read from Bloomberg The Outsized Cost of Expanding US Roads How Air Conditioning Took Over the American Office Hong Kong's Arts Hub Turns to Selling Land to Stay Afloat Madrid to Ban E-Scooter Rentals, Following Lead Set in Paris Guotai Junan Securities Co. will merge with smaller firm Haitong Securities Co. through a share swap, according to statements from both companies on Thursday. The combination of the brokerages, both partly owned by Shanghai's state assets administrator, will create a new entity with assets of 1.6 trillion yuan ($230 billion), topping Citic Securities Co. as the largest brokerage. The merger plan is pending approval from the companies' boards and shareholders, as well as regulatory authorities. The deal comes a year after President Xi Jinping urged regulators at a
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