China’s securities regulator on Friday approved the merger of Guotai Junan Securities and Haitong Securities, giving the final nod to a deal that would create a $230 billion brokerage powerhouse.
The Shanghai-based brokerages in September announced a plan to merge through a share swap.
Under the merger plan, Guotai Junan would absorb Haitong by issuing new shares to the latter’s investors in the mainland China and Hong Kong markets.
Reuters
