China brokerages jump as Haitong-Guotai deal spurs consolidation hopes

China Securities Co

06/09/2024 03:02

** Shares of Chinese brokerages jump after Guotai Juan
Securities  601211.SS  agreed to acquire rival Haitong
Securities  600837.SS , fuelling expectations of further
industry consolidations
    ** An index tracking China-listed brokerages  .CSI399975 
opens 2% higher, while the CSSW Securities Index  .CSI399707  up
as much as 2.2% 
    ** Guotai Juan plans to acquire Haitong via a share swap,
the two brokerages said late on Thursday, potentially creating
China's biggest brokerage by assets 
    ** The deal would strengthen market expectations of more
merges and acquisitions in the industry, including potential
deals between CICC <601995. SS> and China Galaxy Securities
 601881.SS , as well as between Citic Securities  600030.SS  and
China Securities  601066.SS , Hua Chuang Securities said in a
note
    ** Shanghai-listed shares of CICC jump as much as 6.1%,
while Galaxy Securities rises more than 6% to a two-month high 
    ** Citic Securities gain roughly 1% in early trade, while
China Securities up more than 2% 
    

 (Reporting by Shanghai newsroom)
 ((samuel.shen@tr.com))