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HKEX to Acquire Control of Shenzhen-Based Tech Firm

By Wei Yiyang and Han Wei / Feb 21, 2019 07:17 AM / Finance

Photo: VCG

Photo: VCG

Hong Kong Exchanges and Clearing Ltd., the city’s stock exchange operator, agreed to acquire a 51% stake in a Shenzhen-based financial technology company to bolster its capabilities, the HKEX said Wednesday.

The HKEX signed a letter of intent to acquire a majority stake in Ronghui Tongjin Technology Co. Ltd., a unit of Shanghai-listed Shenzhen Kingdom Sci-Tech Co. Ltd., the exchange operator said.

The acquisition will be made through an increase in the registered capital of Ronghui Tongjin, the HKEX said. The transactions are set to be completed by the second quarter. The company didn’t disclose financial terms.

Related: In Depth: China’s Tale of Two Markets

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