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CITIC Securities sells China Securities stakes for 8.6b yuan

By Zhao Tingting (chinadaily.com.cn)
Updated: 2010-06-30 15:06
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CITIC Securities Co offered to sell its 53 percent stake in China Securities Co for 8.6 billion yuan on the Beijing Financial Assets Exchange on Tuesday, the Securities Times reported Wednesday. It was the largest offering on the domestic financial asset market.

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The brokerage's offering list included a 45 percent stake in China Securities for 7.29 billion yuan and another 8 percent stake for 1.3 billion yuan, the report said.

The potential purchaser of the 45 percent stake was required to have net assets of no less than 250 billion yuan. The offer is valid between June 29 and July 26.

Analysts said the buyer of the 45 percent stake would likely be Beijing State-owned Assets Management Center, a State-owned company with net assets of 288.9 billion yuan at the end of March this year.

CITIC Securities' stake in China Securities would drop to 7 percent after the sale, meeting the China Securities Regulatory Commission's earlier requirements for brokerages.