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12 hours ago
Chinese Brokerage Stock Soars Due to Mega Merger Announcement
TMTPOST--A small Chinese brokerage has unexpectedly benefited from the merger announcement of industry giants Guotai Junan Securities Co. and Haitong Securities Co., largely due to its name. Sealand Securities Co., whose Chinese name "Guohai" phonetically resembles the merged names of "Guotai Junan" and "Haitong," saw its shares surge to the limit on Friday, significantly outperforming its competitors. The merger between Guotai Junan and Haitong, both partially owned by Shanghai's state assets administrator, will form a new entity with assets totaling 1.6 trillion yuan ($230 billion), surpassing the current leader, Citic Securities Co.
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