Guotai Junan Securities announces share swap merger with Haitong Securities

Reuters10-09

BEIJING, Oct 9 (Reuters) - Shanghai-based Guotai Junan Securities on Wednesday announced details of its plan to merge with its cross-town rival Haitong Securities

in a share swap deal, a filing to the Shanghai Stock Exchange showed on Monday.

The brokerage aims to raise up to 10 billion yuan ($1.42 billion) through A-share issuance to its controlling shareholder, Shanghai State-Owned Assets Operation Co Ltd, according to the filing.

Guotai Junan first revealed its intention to acquire Haitong Securities on Sept. 6 through a share swap.

The merger of two state-backed brokerages in China to create a sector leader with $230 billion in assets is part of Beijing's drive to consolidate the $1.7-trillion industry amid challenging markets, and the move is set to gather pace, analysts said.

($1 = 7.0668 Chinese yuan renminbi)

(Reporting by Ella Cao and Ryan Woo, Editing by Louise Heavens)

((Ella.Cao@thomsonreuters.com;))

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