China's Tianfeng Securities Co. Ltd. signed a letter of intent to acquire a 29.99% stake in Hengtai Securities Co. Ltd. for cash.

Under the proposed deal, Tianfeng Securities will buy 781,365,375 shares of Hengtai Securities from Beijing Qingyun Intercontinental Technology Co. Ltd., Beijing Huijin Jiaye Investment Co. Ltd., Beijing Hongzhi Huitong Industrial Co. Ltd., Jinan Bojie Narong Information Technology Co. Ltd., Zhongchang Hengyuan Holdings Ltd., Shanghai Yida Technology Investment Co. Ltd., Weifang Keyu Technology Co. Ltd., Beijing Huacheng Hongtai Industrial Co. Ltd. and Beijing Huifutong International Investment Co. Ltd.

The proposed deal is subject to the signing of a formal agreement by the parties, according to a May 29 release. The parties will further negotiate the terms and conditions of any formal agreement, which will be subject to regulatory approvals.

The nine Hengtai Securities shareholders previously sought to sell a 29.94% stake in the brokerage to CITIC Guoan Group Co. Ltd. in early 2018. The parties, however, terminated the deal after they failed to reach a final agreement by the March 31, 2018, deadline.