Citic Securities Plans to Take Over Guangzhou Securities

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By Denise Jia / Dec 25, 2018 07:10 AM / Finance

Photo: IC

Citic Securities Co., one of China’s largest full-service investment banks, announced Monday the plan to take full control of a small brokerage house in Guangzhou.

Citic agreed to buy 100% of Guangzhou Securities from Guangzhou Yuexiu Financial Holdings Group Co. The companies will negotiate specifics including the price and number of shares issued, Citic said in a statement.

Based on what Yuexiu Financial paid for its Guangzhou Securities stake in September, the company could be valued at 19.1 billion yuan ($2.77 billion).

Trading of Citic’s and Yuexiu Financial’s Shenzhen-listed shares will be halted starting Tuesday. The companies said they aim to resume share trading in no more than five business days.

In the first 11 months of 2018, Guangzhou Securities had a net loss of 119 million yuan. As of the end of November, the company had net assets of 11 billion yuan.

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