China pushes First Capital merger in drive to take on Wall Street giants

China pushes First Capital merger in drive to take on Wall Street giants

FILE PHOTO: A woman wearing a face mask walks on a pedestrian overpass with an electronic board showing the Shanghai and Shenzhen stock indexes, China, March 13, 2020. REUTERS/Aly Song

China plans to merge domestic broker First Capital Securities with smaller rival Capital Securities, three sources said, underscoring Beijing’s determination to consolidate the brokerage industry to take on the giants of Wall Street.

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