Caixin
Dec 25, 2018 07:20 PM
BUSINESS & TECH

Leading Stock Brokerage Citic Securities Eyes Its Smaller Peer

Citic Securities plans to take over money-losing Guangzhou Securities. Photo: VCG
Citic Securities plans to take over money-losing Guangzhou Securities. Photo: VCG

Citic Securities Co. Ltd., one of China’s largest brokerages, said it is in talks to buy a small peer in the southern city of Guangzhou, marking a sign of consolidation as a weak stock market hobbles the industry.

Citic, part of one of China’s biggest financial conglomerates, has agreed to buy 100% of Guangzhou Securities Co. Ltd. from Shenzhen-listed Guangzhou Yuexiu Financial Holdings Group Co. Ltd., according to a stock exchange announcement by Citic late Monday. Citic Securities added that it is preparing to issue new A-shares from its Shanghai-listed unit to pay for the transaction.

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