Business / Companies

Gaohua Securities acquires QF Futures

By Chen Jia (chinadaily.com.cn) Updated: 2012-11-27 14:39

Beijing-based Gaohua Securities Co Ltd announced on Monday that it has completed the acquisition of QF Futures Co Ltd, without disclosing the exact bid price.

Zhang Xing, CEO of Gaohua Securities said the acquisition is a sign to show the company is continually expanding its business and products. "We will invest more in the Chinese business and capital markets," he said.

Gaohua Securities' Vice-general Manager Yao Jiaren will be the chairman of the futures company.

Beijing Gaohua Securities was established in 2004. It is the strategic partner of Goldman Sachs in China.

A new merger and acquisition wave has surged in China since September. The bid from Gaohua Securities was the third deal involving securities companies buying futures businesses in the last two months.

Last year, the total operational revenue of the futures sector reached 13.5 billion yuan. The trade volumes of the biggest three Chinese commodity futures exchanges rank among the top 15 in the world.

Analysts said China's 160 futures companies are excessive for the market. That may result in more mergers and acquisitions in the future, ultimately leading to fewer than 100 companies.

chenjia1@chinadaily.com.cn

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