Everbright Unit Takes Over Hong Kong Brokerage
What’s new: Chinese brokerage Everbright Securities Co. Ltd. announced Tuesday that one of its subsidiaries will purchase a 30% stake in Hong Kong-headquartered broker Sun Hung Kai Financial Group Ltd. for about HK$2.4 billion ($310 million) to take full control of the latter.
In 2015, the Everbright subsidiary acquired a 70% stake in Sun Hung Kai Financial.
Shanghai- and Hong Kong-listed Everbright said that the latest deal will help it to develop cross-border wealth management business and enhance its international business strength.
How’s the company doing: In the first half of this year, Sun Hung Kai Financial reported HK$857 million in revenue and HK$171 million in net profit. It reported HK$336.8 million net profit after tax last year, up 2.5% year-on-year.
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