Guotai Junan Securities Co., the mainland's largest stock broker by assets, has agreed to buy 70 percent of a small Shanghai-based futures broker.

Shanghai-based Perfect Futures Brokerage Co. has signed an agreement with Guotai Junan, one of the country's oldest stock brokers, giving it a controlling stake of Perfect Futures.

The Shanghai Municipal Government will own the remaining 30 percent of Perfect Futures. Guotai Junan will appoint board directors and provide technical support to the commodities specialist.

The deal is still subject to approval from the China Securities Regulatory Commission (CSRC).

If successful, it will be the first time a mainland securities firm has won absolute control of a local futures broker.

CSRC Chairman Shang Fulin said last week a landmark stock futures index would be launched late this year or early next year.

Source:佚名