经济新闻
上海券商合并将打造中国十大券商之一 2026-04-20
Orient Securities plans to buy smaller rival Shanghai Securities in a deal that will create one of the 10 largest brokerages in China with assets of more than CNY600 billion (USD88 billion).
Orient Securities will acquire all of Shanghai Securities by issuing new shares and making a cash payment, the firm announced on April 19, noting that trading in its Shanghai-listed stock will be suspended for up to 10 trading days.
The shares closed at CNY9.34 (USD1.36) each on April 17. After jumping 13.5 percent on April 20’s market open, the firm’s Hong Kong-traded stock closed down 0.8 percent at HKD6.01 (77 US cents).
The new combined brokerage will have total assets of more than CNY600 billion, net assets of over CNY100 billion (USD14.7 billion), and about 250 branches.
The deal sits squarely within a broader policy push since 2024 to beef up China’s securities industry through consolidation, aiming to produce fewer but stronger and more competitive investment banks. Last year, Guotai Junan Securities and Haitong Securities integrated to form Guotai Haitong Securities in the largest merger yet seen in China’s brokerage sector.
The latest consolidation serves national priorities and Shanghai’s development as an international financial center, Oriental Securities noted. It is also a way to optimize the city’s state-owned financial assets, deepen reform of state financial firms, and hasten the creation of a world-class modern investment bank, the Shanghai-based company said.
The merger will produce meaningful business complementarity and operational synergies, further boosting Orient Securities’ competitiveness and standing in the securities industry, it noted.
Founded in 1998, Orient Securities had total assets of CNY486.9 billion and net assets of CNY82.7 billion (USD12.1 billion) at the end of last year. Annual net profit was CNY5.6 billion (USD821.2 million) on operating revenue of CNY15.4 billion. The firm has 170 branches across China. Shenergy Group, a major state-owned energy supplier based in Shanghai, is its largest shareholder.
Shanghai Securities had total assets of CNY95.8 billion as of Dec. 31, with net assets of CNY19.8 billion. Its annual net profit was CNY1.3 billion on operating revenue of CNY3.4 billion. Set up in 2001, the firm operates over 80 branches throughout China.
Bailian Group is its biggest shareholder with a 50 percent stake, followed by Guotai Haitong Securities with 25 percent, Shanghai International Group Investment with 16 percent, Shanghai International Group with 7.7 percent, and Shanghai Chengtou Group with 1 percent.
Other securities industry mergers are in the works. Last December, China International Capital Corporation, one of the country’s leading brokers, revealed plans to acquire Dongxing Securities and Cinda Securities through a share swap.
Once that deal closes, the post-merger company will assume all assets, liabilities, businesses, staff, contracts, qualifications, and all other rights and obligations of the two mid-sized firms.
Last month, Soochow Securities said it was planning to acquire a controlling stake in Donghai Securities, also based in Jiangsu province, so as to bolster its core competitiveness and enhance its role in supporting high-quality growth in the region.
Xiangcai, the parent company of Xiangcai Securities, announced in March last year that it planned to merge with Shanghai DZH, an internet financial data and software company, to form an internet-based securities company.
Source: Yicai Global
