Two CIC-Controlled Securities Firms 'Set to Merge'

(Beijing) – Two securities firms controlled by the country's sovereign wealth fund, China Investment Corp. (CIC), are set to merge, sources close to the situation say.

Hongyuan Securities suspended the trading of its stock in Shenzhen at 1 p.m. on October 31, citing a forthcoming major announcement by its parent company, China Jianyin Investment Co. CIC controls Jianyin through its wholly owned subsidiary, Central Huijin Investment Ltd.