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Credit China FinTech, partner extend closing date for Ping An Securities deal

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Credit China FinTech, partner extend closing date for Ping An Securities deal

Credit China FinTech Holdings Ltd. and HongDa Financial Holding Ltd. agreed to further extend the deadline for completion of their proposed acquisition of a 36.58% stake in Ping An Securities Group (Holdings) Ltd. to Aug. 22 from July 31.

It was the second time that Credit China FinTech and HongDa Financial extended the long stop date, or the completion date, for the deal. The companies originally planned to close the deal on June 19 but decided to extend the long stop date to July 31.

Under the deal, Well Up (Hong Kong) Ltd. will acquire the stake in Ping An Securities for HK$663.5 million, or 9.6 cents per share. Well Up (Hong Kong) is wholly owned by King Focus International Ltd., which is in turn partly owned by units of Credit China FinTech and HongDa Financial.

All other provisions of the sale agreement remain unchanged, the companies said July 31.