Dec 16, 2021 08:15 PM

FINANCE

State-Owned Investor to Buy Securities Firm Linked to Fallen Chinese Tycoon

By Tang Ziyi and Wang Juanjuan

China Chengtong headquarters in Beijing on August 13. Photo: IC Photo

China Chengtong headquarters in Beijing on August 13. Photo: IC Photo

State-owned investment firm China Chengtong Holdings Group Ltd. has announced it will acquire a majority stake in a securities firm linked to fallen tycoon Xiao Jianhua’s Tomorrow Holding Co. Ltd.

China Chengtong on Tuesday signed a deal with eight shareholders in New Times Securities Co. Ltd. to purchase a combined 98.24% stake for 13.1 billion yuan ($2.1 billion), according to a statement (link in Chinese) released by the China Beijing Equity Exchange.

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