CITIC Securities acquired Guangzhou Securities.

Citic Securities Co. signed a preliminary agreement to buy smaller rival Guangzhou Securities, the latest in a series of acquisitions by China’s largest brokerage. Citic Securities plans to fund the purchase by issuing shares to the current owners of Guangzhou Securities — Hong Kong-listed Yuexiu Financial Holdings Group and one of Yuexiu’s wholly-owned units, according to a filing to Shanghai stock exchange.