China to Form Brokerage With $86 Billion Assets by Merging Firms
The Shanghai Financial Exchange Square, which houses the Shanghai Stock Exchange, China Financial Futures Exchange and the offices of the China Securities Depository and Clearing Corp., in Shanghai.
Photographer: Qilai Shen/BloombergTwo state-backed brokerages in Shanghai have unveiled plans to merge, creating a firm with $86 billion of assets and advancing China’s ambition to forge investment banks capable of competing with Wall Street’s elite.
Orient Securities Co. intends to acquire a 100% stake in Shanghai Securities via a mix of A-share issuance and cash, according to a Sunday filing with the Shanghai Stock Exchange.