COMPANIES China’s Haitong Securities has become the first mainland brokerage to acquire an overseas rival after agreeing to buy Hong Kong’s Taifook Securities for at least HK$1.8bn (US$235m), a deal likely to herald a string of similar takeovers in the sector by cash-rich mainland groups.
“[Haitong] considers the Hong Kong market very important to its international expansion strategy. The acquisition offers an opportunity for [Haitong] to establish a sizeable customer base and distribution network in Hong Kong,” the company said in a joint statement to the Hong Kong stock exchange on Monday.
