CICC to Buy China Investment Securities for $2.5 Billion

(Beijing) – China International Capital Corporation Limited (CICC) announced late Friday it would purchase China Investment Securities for 16.7 billion yuan ($2.5 billion), a move that will expand the investment bank's retail brokerage service.

According to a statement posted on the Hong Kong stock exchange, CICC, one of the country's leading investment banks has agreed to acquire the Shenzhen-based China Investment Securities, a brokerage 100% owned by Central Huijin Investment Ltd., a wholly owned subsidiary of China's sovereign wealth fund.