Soochow Securities to buy Donghai stake for $1.7 billion
Soochow Securities will buy an 83.7% stake in Donghai Securities for $1.7 billion. The deal follows Beijing's push for consolidation in the crowded industry.
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SOOCHOW SECURITIES CO LTD-A will acquire an 83.7% stake in Donghai Securities for 11.5 billion yuan ($1.7 billion). The deal follows a series of state-backed mergers designed to consolidate China's crowded brokerage sector. Beijing is encouraging this consolidation among more than 140 players to build globally competitive companies.
