Under Citic Securities, the once-freewheeling Hong Kong brokerage CLSA is becoming more like the state-owned enterprises that dominate China’s economy
China’s top investment bank is remaking an iconic Hong Kong brokerage in its own image, in a microcosm of how the Asian financial hub is changing.
Back in 2013, Citic Securities Co. completed a $1.2 billion takeover of CLSA Ltd., an institution known for its forthright research and glitzy investor events featuring keynote speakers such as Alan Greenspan and Bill Clinton. For years the buyer, also known as Citics, preserved CLSA’s decades-old franchise, before changing its approach.
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