China Creates $230 Billion Brokerage to Take on Wall Street [Yahoo! Finance Canada]
HAITONG SECS CO UNSP/ADR (HAITY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance Canada
sector and build stronger investment banks to compete with overseas financial firms. Most Read from Bloomberg Guotai Junan Securities Co. will merge with smaller rival Haitong Securities Co. through a share swap, according to statements from both companies on Thursday. The combination of the firms, 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 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 finance conference to cultivate a few top-ranked investment banks to compete with Wall Street firms expanding in China. The nation's securities watchdog has also voiced its support consolidation, with a goal of having two to three investment banks that can compete globally by 2035. China had about 145 securities firm
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News
- China Detains Investment Bankers, Take Passports in Sweep [Yahoo! Finance]Yahoo! Finance
- China Detains Investment Bankers, Take Passports in Sweep [Yahoo! Finance Canada]Yahoo! Finance Canada
- Blockbuster Chinese Merger Plan Sends Uninvolved Stock Soaring [Yahoo! Finance]Yahoo! Finance
- China creates $230 billion brokerage powerhouse as consolidation gathers pace [Yahoo! Finance]Yahoo! Finance