Guotai’s stake deal paves way for listing
Print Edition
GUOTAI Junan Securities Co Ltd will acquire a controlling stake in Shanghai Securities Co Ltd, and the regulatory nod clears the way for a planned listing of China’s third largest brokerage by assets.
The China Securities Regulatory Commission has given the green light for Guotai to purchase a 51 percent stake in Shanghai Securities Co from its parent, Shanghai International Group, Xinhua news agency reported yesterday.
The 3.57 billion yuan (US$576 million) deal allows Guotai to meet regulatory requirements for its planned initial public offering on the Shanghai Stock Exchange.
The CSRC does not allow a brokerage to be listed if its controlling shareholder controls other brokerages.
The state-owned Shanghai International Group, the parent of both brokerages, owned 46.7 percent of Guotai and 66.7 percent of Shanghai Securities.
Guotai plans to sell up to 1.525 billion A shares, or 20 percent of its enlarged capital, to boost working capital and develop core businesses, according to a prospectus released in April.
Guotai’s deal follows those of other brokerages, including Founder Securities Co Ltd’s 13.2 billion yuan acquisition of 100 percent of China Minzu Securities in May and Shenyin & Wanguo Securities’ notice to take over Hong Yuan Securities Co Ltd last year.
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