China kicks off process to merge biggest brokers to take on global banks

China kicks off process to merge biggest brokers to take on global banks

Stock information is displayed on an electronic board at a securities brokerage in Shanghai, Chin. Photographer: Qilai Shen/Bloomberg

China has started the process of potentially merging its two biggest brokerage firms to create a company that can better compete with the global investment banks as the country opens up its financial markets, according to people familiar with the matter.