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Central China Securities unit to buy shares in fund management affiliate

Central China Securities Co. Ltd. unit Zhongding Kaiyuan Venture Capital Management Co. Ltd., or ZDKY Venture Capital, agreed to acquire a 60% stake in Henan Zhongzheng Kaiyuan Venture Capital Fund Management Co. Ltd., or ZZKY Fund Management, from affiliate Central China Equity Exchange Co. Ltd.

ZDKY Venture Capital will pay 37.1 million yuan for the shares. The transaction is expected to complete once it receives confirmation of its 60% ownership of ZZKY Fund Management from the Henan Administration for Industry and Commerce, Central China Securities said Dec. 28.

Equity Exchange will no longer hold interest in ZZKY Fund Management following deal completion.

Central China Securities owns a 100% equity interest in ZDKY Venture Capital and a 35% equity interest in Equity Exchange.

As of Dec. 28, US$1 was equivalent to 6.53 Chinese yuan.