Chinese securities brokerages are closing or merging their branches to stay in the game and consolidate its resources in areas with good economies, Yicai Global reported Thursday, citing industry insiders.

Guosen Securities (SHE:002736) said it would close 10 branches across China on Nov. 29 and another eight on Dec. 9. The company said customers in affected branches would transferred to other outlets, the report said.

The brokerage started closing only in the fourth quarter, the report said.

Pacific Securities (SHA:601099) closed eight branches since August while Everbright Securities (HKG:6178, SHA:601788) closed 10 since May, the report said.

Guolian Securities closed seven so far this year, according to Yicai.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)