SHANGHAI May 22 China's second largest
brokerage Haitong Securities Co Ltd plans to launch
a 10 billion yuan ($1.60 billion) fund for mergers and
acquisitions, the official Securities Times reported on
Thursday, citing unnamed sources.
The fund will be jointly invested and operated with the
state-owned Shanghai Industrial Investment (Holdings) Co Ltd and
Orient International Enterprise Ltd among several
The fund, which plans to raise 3 billion yuan in its first
round of fundraising and 10 billion yuan in total, will focus on
firms in industries such as manufacturing, infrastructure,
medicine and energy.
This comes amid a rapid growth of China's M&A market. The
size of China's domestic M&A market has reached a record $41.7
billion in 2013, up 141.6 percent from a year earlier, according
to data from Chinese research center Zero2IPO.
Haitong Securities will be the second domestic brokerage to
launch an M&A fund in China, following CITIC Securities Co Ltd
in October 2012.
Haitong officials were not available for comment.
($1 = 6.2337 Chinese Yuan)
(Reporting By Shanghai newsroom; Editing by Kazunori Takada and