-- Orient Securities (HKG:3958, SHA:600958) plans to fully acquire Shanghai Securities through share placement and cash, according to a Hong Kong filing on Sunday.
The securities broker entered into an agreement of intent with Shanghai Securities' five shareholders, including Shanghai International Group and Guotai Haitong Securities (SHA:601211, HKG:2611).
The merger is expected to create a firm with combined assets worth about $86 billion, according to their latest financial statements, Bloomberg News reported Sunday.
The trading of Orient Securities' shares was suspended starting Monday and is expected to last for up to 10 trading days.