Brokerage combines units outside mainland
Print Edition
CITIC Securities, China’s largest brokerage, set up a new company to consolidate its corporate finance and capital market business outside of the Chinese mainland.
CITIC Securities International, the Hong Kong-based subsidiary of CITIC, and CLSA Asia-Pacific Markets, which is also controlled by CITIC, have jointly established a new brokerage to combine their merger and acquisition, equity capital market and debt capital market business in overseas markets, CLSA said in a statement on its website yesterday.
CITIC last year sealed a deal to acquire CLSA from struggling Credit Agricole SA in the first major acquisition by a Chinese brokerage of a foreign peer.
The new Asia-based entity, CITIC CLSA Securities, will provide services to companies in consumer & diversified, energy, mining & equipment, financial institutions, real estate & infrastructure, and TMT & health care sectors, according to the statement.
“I have no doubt that with CITIC Securities’ access in China and CLSA’s global network, CITIC CLSA Securities will become the leading provider of Chinese capital to global investors,” said Yin Ke, vice chairman of CITIC Securities and chief executive officer of CITIC Securities International.
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