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Companies Backed by Tycoon and Under Investigation to Unload More Assets

Hong Kong-listed Hengtou Securities Co. said that nine of its shareholders have agreed to sell their combined 29.9% stake to Citic Guoan Group, an affiliate of state-owned Citic Group. On the Chinese mainland, Hengtou Securities is known as Hengtai Securities (above). Photo: Visual China
Hong Kong-listed Hengtou Securities Co. said that nine of its shareholders have agreed to sell their combined 29.9% stake to Citic Guoan Group, an affiliate of state-owned Citic Group. On the Chinese mainland, Hengtou Securities is known as Hengtai Securities (above). Photo: Visual China

A group of companies controlled by tycoon Xiao Jianhua, the founder of conglomerate Tomorrow Holding Group, has agreed to sell a substantial stake in Hong-Kong listed Hengtou Securities Co. for 9 billion yuan ($1.38 billion).

Xiao, who has been assisting authorities with unspecified investigations since January and whose whereabouts have been unconfirmed since then, has been shedding assets.

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