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Guolian, Sinolink End Plan to Create $13 Billion Broker

(Bloomberg) — Guolian Securities Co.’s effort to acquire bigger rival Sinolink Securities Co. has ended after the firms couldn’t agree on terms to create a $13 billion Chinese broker in the consolidating industry.



a close up of a man: HAIKOU, CHINA - MAY 09: (CHINA OUT) An investor watches the electronic board at a stock exchange hall on May 9, 2011 in Haikou, Hainan Province of China. The power companies and train markers led Chinese stocks rebounding on Monday. With the benchmark Shanghai Composite Index rose 8.57 points, or 0.3 percent, to close at 2,872.46 points. (Photo by VCG/VCG via Getty Images)


© Photographer: VCG/Getty Images AsiaPac
HAIKOU, CHINA – MAY 09: (CHINA OUT) An investor watches the electronic board at a stock exchange hall on May 9, 2011 in Haikou, Hainan Province of China. The power companies and train markers led Chinese stocks rebounding on Monday. With the benchmark Shanghai Composite Index rose 8.57 points, or 0.3 percent, to close at 2,872.46 points. (Photo by VCG/VCG via Getty Images)

Sinolink had agreed to be bought in an all-stock deal announced Sept. 20, but specific details for the combination couldn’t be agreed to, the companies said in separate but identical stock exchange filings late Monday.

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Trading resumed Tuesday in China after both firms’ shares had been halted since the takeover plan was revealed. Guolian fell as much as 8.3% after soaring nearly five-fold since July’s listing in Shanghai, and securities stocks were among the biggest decliners in the CSI 300 on Tuesday. But Sinolink rose 5.6% as of the midday break.

China’s $1.1 trillion securities industry is facing increased pressure as Wall Street firms such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. are allowed to take full control of ventures in the country this year, forcing consolidation.

(Updates stock prices in third paragraph.)

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