China plans to merge domestic broker First Capital Securities with smaller rival Capital Securities, three sources said, underscoring Beijing's determination to consolidate the brokerage industry to take on the giants of Wall Street.
The merger strategy is being encouraged by the China Securities Regulatory Commission, the top securities regulator, the state-run China Securities Journal reported last month. Capital Securities had been preparing for a domestic listing for months but had slowed down the process to prioritise the potential merger, said another source.
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