China's Two Biggest Institutional Investors Deny Report of Merger Plans
Yicai Global
/SOURCE : Yicai
China's Two Biggest Institutional Investors Deny Report of Merger Plans

(Yicai Global) July 6 -- China International Capital Corporation Ltd. and China Investment Securities Co., the nation's two largest institutional investors, have denied a report that they plan to merge.

CICC [HK:03908], China's biggest investment bank, in its latest statement said it has been in initial talks with China Investment Securities, but no intent has been reached yet.

Beijing-based CICC had record profit and revenue last year. Net income surged almost 75 percent to CNY1.95 billion (USD291 million) from a year earlier, on a 54 percent gain in revenue to CNY9.51 billion.

China Investment Securities, a wholly owned brokerage of Central Huijin Investment Ltd., had revenue of CNY8.47 billion in 2015, and had its total assets of CNY92.2 billion as of Dec. 31.

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