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CITIC Securities to acquire Guangzhou Securities

CITIC Securities Co. Ltd. agreed to acquire a 100% equity interest in Guangzhou Securities Co. Ltd from Guangzhou Yuexiu Financial Holdings Group Co. Ltd. for up to 13.46 billion yuan.

The company will issue no more than 793,164,407 A-shares to Guangzhou Yuexiu Financial Holdings Group at 16.97 yuan per share.

Following the acquisition, Guangzhou Securities will become a wholly owned subsidiary of CITIC Securities.

The deal is subject to certain approvals including those from the board and shareholders.

As of Jan. 9, US$1 was equivalent to 6.81 Chinese yuan.