Haitong Securities aims to become a leading investment bank

The Shanghai-based firm hopes its integration with Taifook Securities will help it achieve its target.

Chinese regulators have taken many bold measures to reform the country's large banks over the past decade. However, not much consolidation has been made among the securities houses and little has been done to rescue the ailing ones. Many of China's roughly 107 brokerage firms are riddled with mismanagement and losses, and their profits are decided by the performance of the country's stockmarket.

Brokerage firms envy their banking cousins for their increasingly important international position, and they are trying to...

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