Sino Mercury scouting for financial assets to expand presence

Nasdaq-listed Sino Mercury Acquisition Corp is seeking financial assets in China and aims to become an Internet-based financial holding group with annual transaction volume of about 50 billion yuan ($8 billion) in 2020, Chief Executive Officer Jimmy Hao told China Daily.

"This is a golden time for doing mergers and acquisitions in China because the economy is slowing and many entrepreneurs are willing to sell their companies at low prices," he said.

"Small and medium-sized enterprises have played an important role in China's economic development, but they are not able to receive good financial support in the current financial environment, so we want to seek opportunities in the financial sector to help solve the problem," said Hao.