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China Jianyin Investment signed an agreement Monday to take over Southern Securities, the country's fifth-largest brokerage.
It is the government's latest move to bailout the debt-laden brokerage industry.
Armed with nearly US$100 million of central bank loans, Jianyin will take control of the investment business of Southern Securities along with its 74 outlets. After the takeover, Southern Securities, which had its license previously revoked over mismanagement and irregularities, will be renamed Jianyin Securities.
Over the past year, regulators have shut or arranged the takeover of about 20 small to mid-sized securities houses, as part of a broader effort to clean up the financial sector.
(CCTV.com August 1, 2005)
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