Deals
Citic Securities to Acquire Local Rival in Expansion Push
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Citic Securities Co. signed a preliminary agreement to buy smaller rival Guangzhou Securities, the latest in a series of acquisitions by China’s largest brokerage.
Citic Securities plans to fund the purchase by issuing shares to the current owners of Guangzhou Securities -- Hong Kong-listed Yuexiu Financial Holdings Group and one of Yuexiu’s wholly-owned units, according to a filing to Shanghai stock exchange.