Apr 26, 2024 08:31 PM

FINANCE

Huatai Securities Cashes Out of U.S.-Listed Unit With $796 Million Gain

00:00

00:00/00:00

Listen to this article 1x

Huatai Securities bought AssetMark in 2016 for $768 million as part of its strategy to increase its global competitiveness. Photo: VCG

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.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Powerful Quake Strikes Off Japan

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

China Business Uncovered Podcast: Inside the Fall of ‘China’s LVMH’

00:00

00:00/00:00

MOST POPULAR

1: Chief Designer of China’s J-20 Stealth Fighter Disappears From Elite Academic Roster

2: Exclusive: First Chinese Supertanker Loads Saudi Crude via Red Sea, Bypassing Strait of Hormuz

3: Qatar Helium Shutdown Adds New Risk to Chip Supply Chain

4: Analysis: China’s Plan to Tackle Weak Demand, Low Inflation

5: Cover Story: U.S.-Israel War With Iran Drifts Toward Attrition

SPONSORED

OR