Leading Stock Brokerage Citic Securities Eyes Its Smaller Peer
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.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas