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). The deal is likely to be followed by other cash-rich mainland groups, which are anxious to gain a foothold in Hong Kong in preparation for the relaxing of rules which will allow investors north of the border to directly invest in the territory’s stock market.

This entry was posted by Gwen Robinson on Tuesday, November 24th, 2009 at 4:35 and is filed under Capital markets, M&A. Tagged with Haitong, Taifook. Edit this entry.