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East Money to buy 70% of broker to widen business
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SHANGHAI-BASED East Money Information Co plans to acquire 70 percent of Xizang Tongxin Securities Co, the latest example of finance portal sites buying brokerages to enlarge their business scope.
East Money has signed an agreement of intent to acquire the stake in the brokerage from Zhengzhou Yutong Group Co, according to East Money’s statement over the weekend.
East Money plans to use the Xizang Tongxin deal to diversify from being a financial information provider to a one-stop Internet financial platform, the statement said.
“Other financial information providers might follow the trend of building ‘Internet brokerages,’” Ding Side, analyst at Lianxun Securities, said in a report.
This “will influence the structure of the brokerage market,” he added.
Shanghai DZH Ltd, a finance information service firm which operates gw.com.cn, also signed a similar cash and share agreement worth 8.5 billion yuan (US$1.4 billion) with Xiangcai Securities in January.
Trading in East Money was suspended from last Monday and will remain so this week until the transaction is settled.
East Money made a 165.7 million yuan profit in 2014, compared with a 3.4 million yuan loss in 2013, its annual report said.
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