State Investor Takes Control of TF Securities
A conglomerate backed by the Hubei provincial government took control of Shanghai-traded brokerage TF Securities Co. Ltd. in a flurry of transactions.
TF Securities disclosed in a Saturday filing that Hongtai Group, a financial holding company wholly owned by the Hubei government, became its controlling shareholder. Together with Wuhan Commerce and Trade Group, a party acting in concert, Hongtai controls 22.62% of TF Securities, according to the filing.
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