Everbright takes control in Hong Kong
Print Edition
EVERBRIGHT Securities Co is buying a controlling stake in Hong Kong-based Sun Hung Kai & Co’s securities and wealth management unit in a bid to further secure its foothold in overseas markets.
The 70 percent stake in Sun Hung Kai Financial Group Ltd will cost Everbright HK$4.1 billion (US$529 million) through its Hong Kong-based subsidiary Everbright Securities Financial Holding Ltd, the brokerage said in a filing to the Shanghai Stock Exchange on Monday.
Shares in Everbright rose 3 percent yesterday while Sun Hung Kai fell 6.1 percent after jumping by as much as 8.6 percent.
Established in 1969, Sun Hung Kai Financial, one of the biggest brokerages in Hong Kong, has an extensive branch and office network across the city, Macau and China’s mainland, with more than HK$85 billion in client assets under management, custody or advice.
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