Companies

Jianyin to transfer CICC stake to Central Huijin

(Agencies)
Updated: 2010-08-24 13:00

China Jianyin Investment Securities is transferring its 43.35 percent stake in China International Capital Corp (CICC), to conform to Chinese rules that bar a company from controlling two brokerages, the Shanghai Securities News reported Tuesday.

Jianyin, which still controls Hong Yuan Securities, has been approved to transfer its CICC stake to its parent, Central Huijin Investment Co, the domestic investment unit of China's $300 billion sovereign wealth fund, according to the paper.

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Central Huijin Investment Co would acquire the majority stake in CICC after the transfer finished. Other shareholders of CICC comprised Morgan Stanley, China National Investment and Guaranty Co, Government of Singapore Investment Corp and Mingly Corporation.

In addition, Morgan Stanley was also in talks with private firms for selling its 34.3 percent in CICC, Reuters said in March, citing unnamed sources familiar with the deal.