Amid intense competition, CICC buys rival

CICC has agreed to buy China Investment Securities for $2.5 billion, showing its determination to keep expanding amid tough competition in China's brokerage market.

In the second biggest merger in China’s brokerage sector, Beijing-based China International Capital Corporation has agreed to acquire Shenzhen-headquartered China Investment Securities for Rmb16.7 billion ($2.5 billion) from state investment company Central Huijin.

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