Founder Securities targets Minzu

Founder Securities announced on Thursday that it proposes to acquire China Minzu Securities.

The acquisition, if successful, will become the first merger and acquisition within the brokerage industry in China.

Founder Securities is China's 14th biggest brokerage by net assets. If the acquisition goes ahead, it may become one of the top 10 brokerages.

It has previously completed the merger and acquisition of a futures company and the acquisition of a trust company. It also has a shareholding in a bank.

The brokerage had suspended share trading for a month before the Thursday announcement.