China's Orient Securities to acquire Shanghai Securities

China's Orient Securities Co said it plans to ​buy 100 percent of smaller ‌rival Shanghai Securities using cash and newly issued ​shares, as Beijing encourages ​consolidation in the brokerage ⁠industry.

Orient Securities announced plans for the ​deal on Sunday without ​giving details. It said its shares would halt trading starting ​Monday.

Total assets of ​the combined entity were expected to ‌exceed ⁠600 billion yuan, making Orient Securities a top-10 brokerage in China, ​according ​to ⁠Shanghai Securities News.

Beijing has encouraged mergers ​and acquisitions in ​China's ⁠financial sector to build globally competitive investment banks ⁠and ​asset managers.

Reuters