0247 GMT - Chinese brokers with merger & acquisition potentials could have re-rating opportunities, Citi analysts say in a research note. China's brokerage industry is undergoing an industry consolidation as Beijing pushes for the creation of a first-class broker, the analysts say. Investors have been "generous in re-rating both the buyer and the seller in recent M&A deals," they say. Citi thinks CICC and China Galaxy Securities are the most plausible M&A pair, which could see a "rapid re-rating" on relevant newsflow. Meanwhile, the analysts think the capital market rebound in Hong Kong will particularly benefit CICC. An approximate 60% increase in Hong Kong IPO amount could boost CICC's 2025 earnings by 5.7%, they add. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
May 04, 2025 22:47 ET (02:47 GMT)
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