Market Chatter: China to Merge Guotai Junan, Haitong Securities to Create Country's Largest Brokerage

MT Newswires Live09-06

China is merging state-backed brokerage firms Guotai Junan Securities (HKG:2611, SHA:601211) and Haitong Securities (HKG:6837, SHA:600837), in a move to consolidate the $1.7 trillion sector, Bloomberg News reported Thursday.

The new entity will have assets of 1.6 trillion yuan to overtake Citic Securities (HKG:6030, SHA:600030) as the country's largest brokerage, according to the report.

The merger is conducive to building a first-class investment bank and promoting the high-quality development of the industry, Bloomberg wrote.

The two parties did not disclose the merger's financial terms. The deal is subject to approvals by regulators and the companies' boards and shareholders, according to company filings with the Hong Kong bourse.

Guotai Junan Securities and Haitong Securities will suspend trading in Shanghai and Hong Kong starting Friday, with the trading halt in Shanghai expected to last up to 25 trading days, the companies said.

The Shanghai state-owned Assets Supervision and Management Commission holds indirect stakes of about one-third in Guotai Junan Securities and almost one-fifth in Haitong Securities, Bloomberg wrote.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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