Caixin
Nov 18, 2020 03:11 PM
FINANCE

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.

Read more: Everbright Loses Lawsuit Over Failed British Media Acquisition

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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