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CITIC Securities signs letter of intent to acquire Guangzhou Securities

CITIC Securities Co. Ltd. intends to acquire 100% of Guangzhou Securities Co. Ltd. from Guangzhou Yuexiu Financial Holdings Group Co. Ltd.

The companies have signed a cooperation agreement of intent and will conduct further negotiations on the specific details regarding transaction price, the number of China mainland-listed shares to be issued by CITIC Securities as deal consideration and issue price.

CITIC Securities intends to consolidate and restructure Guangzhou Securities as a wholly owned subsidiary.

Shares of CITIC Securities were placed in a trading halt on Dec. 25 and are expected to resume trading within five trading days.

The announcement came after Guangzhou Yuexiu Financial closed the acquisition of the remaining 32.8% stake in Guangzhou Securities in October.