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Guotai Junan Securities gets approval for HuaAn Funds deal

Guotai Junan Securities Co. Ltd. won approval for its proposed acquisition of a 20% stake in HuaAn Funds Management Co. Ltd.

Guotai Junan Securities said Oct. 13 that the China Securities Regulatory Commission approved the transfer of equity interest to its unit Guotai Junan Innovation Investment Co. Ltd. from Shanghai Electric Group Corp.

Guotai Junan Innovation, in April 2014, entered into an agreement with Shanghai Electric Group to acquire the stake in HuaAn Funds Management for 600.1 million Chinese yuan, according to a prospectus filed March 28.

Following further negotiations in 2015, 2016 and 2017, the parties agreed to extend the deal completion date to Sept. 30. Guotai Junan Innovation Investment also agreed to pay an additional 29.8 million yuan and 20.1 million yuan. As of March 20, Guotai Junan Innovation Investment fully paid 660.8 million yuan for the acquisition, according to the company.

As of Oct. 13, US$1 was equivalent to 6.59 Chinese yuan.