CICC, China Galaxy Securities Deny Merger Report; Shanghai Shares Surge

MT Newswires Live02-27

China International Capital or CICC (SHA:601995, HKG:3908) and China Galaxy Securities (SHA:601881, HKG:6881) denied reports of an impending merger, according to separate statements posted on the Hong Kong bourse Thursday.

The two parties said they received no information from any government department, regulatory authority or shareholder regarding such plans.

On Wednesday, Reuters cited sources familiar with the matter as saying that CICC and Galaxy Securities are set to merge in a share-swap deal that recently gained regulatory backing.

The merger, which would form the country's third-largest brokerage with 1.4 trillion yuan in assets, could be announced soon, the news site wrote.

Reuters said the move aligns with Beijing's push to strengthen domestic investment banks as a counter for global banks like Goldman Sachs and Morgan Stanley.

Shares of CICC jumped 7% in Shanghai on Thursday, while those of China Galaxy Securities surged 10%. In Hong Kong, CICC's shares fell 3%, while Galaxy Securities edged down marginally.

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