Chinese brokerage stocks rose in the market. As of press release, China Financial Corporation (03908) rose 6% to HK$14.14; China Galaxy (06881) rose 4.2% to HK$4.47; Guolian Securities (01456) rose 4.03% to HK$3.87; and CITIC Securities (06030) rose 3.19% to HK$16.84.
The Zhitong Finance app learned that Chinese brokerage stocks rose in the market. As of press release, China Financial Corporation (03908) rose 6% to HK$14.14; China Galaxy (06881) rose 4.2% to HK$4.47; Guolian Securities (01456) rose 4.03% to HK$3.87; and CITIC Securities (06030) rose 3.19% to HK$16.84.
According to the news, on November 13, China Galaxy and China Financial Corporation issued clarification announcements one after another, stating that the company is concerned about market rumors that China Galaxy will merge and restructure with CICC. In order to avoid misleading all sectors of society and investors, it is now providing clarifications. According to industry insiders, the rumor of the merger and restructuring of the two did not “come out of nowhere.” The two brokerage firms, China Galaxy and China Financial Corporation, have the same shareholder background, complementary business, and mutual transfer of executives.
According to reports, the China Securities Regulatory Commission is once again sending a signal to build a first-class investment bank, bringing once again an opportunity for brokerage integration. Recently, there have been four rumors of mergers, acquisitions and restructuring in the securities industry. Currently, more than 10 brokerage firms have responded and clarified. Fangzheng Securities believes that the number of mergers and acquisitions in the securities industry is expected to be concentrated and continue to increase within the next 1 to 2 years. In addition to competitive cases in the same industry such as “Guolian Securities+Minsheng Securities” and “Huacheng Securities+Pacific Securities”, it is expected that the number of mergers and acquisitions will continue to increase in the future.