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Guangzhou Yuexiu Financial to acquire stake in Guangzhou Securities

Guangzhou Yuexiu Financial Holdings Group Co. Ltd. plans to buy a 32.8% stake in Guangzhou Securities for 6.3 billion Chinese yuan, Reuters reported Dec. 26, citing a Chinese-language document.

The company will acquire the shares via cash and share issuance.

It also intends to raise up to 5 billion yuan in a private placement to fund the acquisition.

As of Dec. 23, US$1 was equivalent to 6.95 Chinese yuan.