Oct 25, 2022 06:37 AM

FINANCE

State Investor Takes Control of TF Securities

By Wang Juanjuan and Han Wei

As of Oct. 23, TF Securities’ market value was 24.6 billion yuan, ranking 34th among 49 publicly traded securities firms.

As of Oct. 23, TF Securities’ market value was 24.6 billion yuan, ranking 34th among 49 publicly traded securities firms.

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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