Citic Securities to sell stakes in two subsidiaries
Monday, 15 March 2010
SHANGHAI, Mar 14 (Reuters): Citic Securities Co, China's biggest listed brokerage, said it plans to give up part of its stakes in two subsidiaries to bring it in line with regulatory requirements.
Citic Securities will transfer part of its stakes in China Securities Co and China Asset Management Co (China AMC), it said in a statement to the Shanghai Stock Exchange.
It did not give details on what portion it would sell in each unit, or to whom, but said the plans were quite advanced.
China AMC manages more than 260 billion yuan ($38 billion) and is China's biggest fund management firm, making it a big contributor to Citic Securities' revenue.
Citic Securities said in January that China AMC, which it wholly owns despite a ban on any single shareholder owning more than 49 per cent of a fund house, had been punished by regulators for failing to comply with the ownership rules.
Citic Securities will transfer part of its stakes in China Securities Co and China Asset Management Co (China AMC), it said in a statement to the Shanghai Stock Exchange.
It did not give details on what portion it would sell in each unit, or to whom, but said the plans were quite advanced.
China AMC manages more than 260 billion yuan ($38 billion) and is China's biggest fund management firm, making it a big contributor to Citic Securities' revenue.
Citic Securities said in January that China AMC, which it wholly owns despite a ban on any single shareholder owning more than 49 per cent of a fund house, had been punished by regulators for failing to comply with the ownership rules.