Citic Securities, the mainland's biggest listed brokerage, is about to take over part of Hong Kong-based Citic Capital Markets Holdings.
The deal, which is expected to be announced today, also involved the institutional brokerage, investment bank and research house Citic Frontier, a source said.
Citic Capital is a joint-venture brokerage formed four years ago by Citic Pacific and Citic Financial Holdings, the holding company of Citic Ka Wah Bank.
Citic Securities has arranged a handful of mega-deals such as China Yangtze Power's 10 billion yuan A-share initial public offering, Air China's three billion yuan bond sale and a two billion yuan bond issue for the International Finance Corp, the World Bank's private investment arm.
The firm also opened several hundred retail outlets last year in an aggressive expansion to beef up its nationwide coverage against intense competition from foreign players.
Citic Pacific managing director Henry Fan Hung-ling and Citic Securities head Wang Dongming declined to comment yesterday.
