China’s battered brokerages energised by Beijing’s consolidation blueprint seeking to foster world-class giants

The industry is warming up to the strategy outlined by the new chairman of China Securities Regulatory Commission (CSRC) Wu Qing, who wants to achieve this global goal by 2035. Taking a cue from this, Guolian Securities announced a plan last month to buy out smaller rival Minsheng Securities and execute a merger that will elevate it into the nation’s top 20 brokers, while Zheshang Securities made a bid for a 15 per cent stake in Guodu Securities last week.