Taifook sold to PRC securities company
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clpstaff &clp articlesNWS Holdings, a subsidiary of Hong Kong conglomerate New World Development Company, has sold a controlling interest in Taifook Securities Group to Hai…
NWS Holdings, a subsidiary of Hong Kong conglomerate New World Development Company, has sold a controlling interest in Taifook Securities Group to Hai Tong (HK) Financial Holdings for HK$1.82 billion (US$234.84 million).
The buyer is a subsidiary of Haitong Securities Co, which is based in mainland China and listed on the Shanghai stock exchange. When completed, this will be the first known sale of a Hong Kong securities company to a PRC house. The sale of the 52.86% interest in Taifook will trigger a mandatory general offer for Taifook's remaining shares.
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