The deal combining two state-backed brokerages to make a sector leader in China with $230 billion in assets is part of Beijing's drive to consolidate the $1.7 trillion industry amid challenging markets.

China’s brokerage giants merge: Guotai Junan and Haitong lead $1.7 trillion industry shake-up

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China’s brokerage giants merge: Guotai Junan and Haitong lead $1.7 trillion industry shake-up