Citadel Securities Faces Rival Bid for Credit Suisse’s China Venture

American market maker Citadel Securities LLC’s plan to take over Credit Suisse’s China joint venture is facing challenges with the emergence of a rival bidder with state backing.

Beijing State-owned Assets Management Co. Ltd. (BSAM), an investment vehicle wholly owned by the Beijing municipal government, has stepped into the bidding for Credit Suisse Securities (China) Ltd., potentially offering a more attractive proposal, Caixin has learned.