According to two sources with knowledge of the situation, Haitong Securities intends to purchase the remaining shares of its Hong Kong-listed subsidiary Haitong International in an effort to reduce losses at the offshore investment banking division.
A 73.6 percent interest in the Hong Kong-listed company, which as of Tuesday had a market value of HK$5.99 billion ($765.92 million), is already held by Haitong, which has its headquarters in Shanghai.
The sources declined to give their names since they were not licenced to speak publicly about the topic. Haitong Securities intends to purchase.
According to the company’s exchange filing, trading in Haitong International’s shares was suspended as of Wednesday pending a takeover announcement.
A representative from Haitong Securities and Haitong International declined to make any additional comments.
In an effort to reduce losses at its offshore investment banking unit, Haitong plans to privatise the remaining shares of its Hong Kong-listed subsidiary Haitong International, according to two persons familiar with the situation.
- Published By Team Hongkong Journalist