Friday, May 16, 2008

CSRC approves merger of 2 local securities firms

The China Securities Regulatory Commission has approved the merger of two local securities firms Founder Securities and Sun Securities, Shanghai Securities News reported.

Founder Securities and its parent Founder Group will hold a combined 80% of Sun Securities, sources revealed.

After the deal, Founder's registered capital will be raised to RMB 1.653 billion. The former branches of Sun Securities will be renamed as Founder Securities, which will boost the number of Founder's branches to 78.

The new firm is expected to be rated as Top 10 Chinese securities firm.

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