SHANGHAI (BLOOMBERG) - China has started the process of potentially merging its two biggest brokerage firms to create a company that can better compete with the global investment banks as the country opens up its financial markets, according to people familiar with the matter.. Read more at straitstimes.com.
SHANGHAI - China has started the process of potentially merging its two biggest brokerage firms to create a company that can better compete with the global investment banks as the country opens up its financial markets, according to people familiar with the matter.
"Compared with global markets, China's securities industry is still scattered and the big local players are way behind their global peers," said Wang Jian, an analyst at Guosen Securities Co."As internal growth is too time consuming, improving the industry's competitiveness through mergers is necessary amid the influx of foreign capital."
Taken together, China's 131 brokers have assets that are equal to what Goldman Sachs sits on by itself. They are also far from being full-service investment banks, counting on mom and pop traders across the country to contribute much of their revenue. The market is also fragmented, with the top five brokers capturing just about a third of the industry's revenue, according to Goldman research.
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