Western Securities Soars with Guorong Acquisition Plans

Shares of Western Securities surged over 6% during early trading on Friday following an announcement from the Chinese brokerage that it was studying plans to acquire a controlling stake in rival Guorong Securities in a cash deal.

Shares of Western Securities jumped more than 6% in early trading on Friday after the Chinese brokerage said it was studying plans to acquire rival Guorong Securities.

Western Securities said in a statement it aims to buy a controlling stake in Guorong in a cash deal.