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China is merging two of its largest state-backed brokerages, Guotai Junan Securities and Haitong Securities, to create a new entity valued at $230 billion. This move is part of Beijing's strategy to consolidate the $1.7 trillion brokerage sector amid a slump in deals. The newly formed brokerage powerhouse aims to compete with Wall Street and strengthen China's financial market. The announcement has led to a rally in the A-share market for Chinese securities brokers. Some reports also value the new entity at $228 billion.
#Chinese securities brokers rally in A-share market after Guotai Junan Securities announced acquisition of Haitong Securities to form the country's largest brokerage firm https://t.co/haGgRmRP6L https://t.co/mI9kYi2aO3
🔵 CHINA CREATES $230 BILLION BROKERAGE POWERHOUSE AS CONSOLIDATION GATHERS PACE 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…
China-Owned Brokerages Plan Merger to Create $228 Billion Entity https://t.co/OFoMdv2Lez
