Apr 26, 2024 08:31 PM
FINANCE
Huatai Securities Cashes Out of U.S.-Listed Unit With $796 Million Gain
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Huatai Securities bought AssetMark in 2016 for $768 million as part of its strategy to increase its global competitiveness. Photo: VCG
Huatai Securities Co. Ltd. (601688.SH) (华泰证券股份有限公司), one of China’s top securities companies, said it has agreed to sell its controlling stake in New York-listed AssetMark Financial Holdings Inc. to private equity firm GTCR LLC for $1.79 billion.
The disposal of its 68.4% holding will give Huatai Securities an estimated pre-tax gain of $795.7 million, the company said in a filing to the Hong Kong Stock Exchange on Thursday.
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