Chinese securities brokerages rally on hope of more M&As, Guolian jumped up to nearly 30% on acquisition plan

2024-04-26 2024-05-01

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Chinese securities brokerages stage a strong rally on expectation of more mergers and acquisitions in the sector.

Guolian Securities surged as much as nearly 30% to hit a high of HK$3.88 before paring gains to more than 19% in Hong Kong. The rally came after Guolian announced that it plans to acquire a controlling stake in Minsheng Securities, according to its stock exchange filing. The trading of Guolian Securities' Shanghai-listed shares is suspended from Friday.

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