国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Companies

Great Wisdom plans to buy Xiangcai Securities for $1.46b

By Wu Yiyao in Shanghai (China Daily) Updated: 2014-08-14 07:20

Great Wisdom plans to buy Xiangcai Securities for $1.46b

An outlet of Xiangcai Securities in Shanghai. Internet financial information and technology service provider Shanghai Great Wisdom plans to purchase 100 percent of the equity of Xiangcai Securities, a stock brokerage listed in China's over-the-counter market for growth enterprises. Provided to China Daily

Shanghai-listed Shanghai Great Wisdom Co Ltd, an Internet financial information and technology service provider, said it plans to purchase 100 percent of the equity of Xiangcai Securities Co Ltd, a stock brokerage listed in China's over-the-counter market for growth enterprises.

Market insiders said the 9-billion-yuan ($1.46 billion) deal, if completed, will be the first instance of an Internet company purchasing a brokerage, a milestone in China's Internet finance market.

It will be the largest deal to date between an A-share listed company and an enterprise listed in the OTC market for growth enterprises (the new third board), according to the China Securities Regulatory Commission.

"Market response to the intended deal is quite positive. It shows that integration between Internet information and technologies and the financial market is deep, wide, and fast," said Xie Hongda, Shanghai-based certified financial planner with Dongxin Consultancy.

Great Wisdom said purchasing Xiangcai Securities will help integrate resources and improve the profit model to gain a share of the expanding Internet finance market, estimated by China's central bank to reach 10 trillion yuan by the end of 2014.

Announcement of the potential deal pushed up prices of shareholders of Xiangcai Securities.

The share price of Xinhu Zhongbao Co Ltd, a shareholder of Xiangcai Securities, rose by the daily limit of 10 percent to 3.91 yuan on Wednesday.

Xinhu Zhongbao currently holds 48 percent of the shares of Xinhu Holdings, which is one of the major shareholders of Xiangcai Securities.

"The deal indicates that the integration of Internet technology and the brokerage business is faster than expected," said Shen Chunhui, manager of Hongta Stock Ltd.

Cooperation between Xiangcai Securities and Great Wisdom dates back to 2009 when the two jointly launched an online trading platform.

According to Great Wisdom's filing to the Shanghai Stock Exchange on Tuesday, its subsidiary Financial China Information & Technology plans to buy 112 million shares of Xiangcai Securities, and Great Wisdom plans to buy the other 96.5 percent, 3.085 billion shares via share issuance to other shareholders.

The deal will be completed via private placement of Great Wisdom shares and cash payment, the filing said.

"Great Wisdom plans to raise supporting capital to increase the capital stock of Xiangcai securities and replenish the broker's operating capital," the filing said.

The newly issued shares of Great Wisdom after the deal may be listed on the Shanghai Stock Exchange, if the application is approved, which will realize Xiangcai Securities' wish to join the main board.

Xiangcai is one of the oldest brokerages in China. In 2013, Xiangcai Securities' operating revenues reached 830.49 million yuan.

Shares of Great Wisdom have been suspended from trading as of July 21, according to the announcement.

Great Wisdom plans to buy Xiangcai Securities for $1.46b Great Wisdom plans to buy Xiangcai Securities for $1.46b
Investors hesitate before stock link
Top 10 underwriters in China

Hot Topics

Editor's Picks
...
...
宝应县| 东阳市| 曲靖市| 吉木乃县| 逊克县| 通榆县| 西乌珠穆沁旗| 金堂县| 左贡县| 泸州市| 孟州市| 繁昌县| 阿鲁科尔沁旗| 开化县| 丹东市| 恭城| 清涧县| 惠东县| 合肥市| 收藏| 伽师县| 沂水县| 南皮县| 丹棱县| 新乡县| 阿克陶县| 陆良县| 鸡东县| 阳朔县| 东乌珠穆沁旗| 青龙| 社旗县| 革吉县| 鞍山市| 定陶县| 靖远县| 长宁区| 天等县| 白银市| 虎林市| 新郑市|