Hongyuan Securities announced late Monday that its stakeholders have overwhelmingly voted in favor of a tie up with Shenyin & Wanguo Securities, the China Securities newspaper reported.
The biggest-ever securities acquisition will arm the new company with total assets worth 105.4 billion yuan ($17.1 billion), placing it fourth in the securities industry ranking.
Hongyuan Securities will delist from the A-share market and terminate its legal entity once the acquisition is approved by the China Securities Regulatory Commission, the country's top securities regulator. And Shenyin & Wanguo Securities will be on the A-share market instead.
The company told the newspaper that the move will provide it a rare window of opportunity to boost its competitiveness and increase its capacity to withstand risks in the domestic capital market.
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