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Haitong Securities plans to buy the remainder of its Hong Kong-listed subsidiary Haitong International in a bid to stem the offshore investment banking arm’s losses, two sources with knowledge of the matter said.
Shanghai-headquartered Haitong already owns a 73.6 per cent stake in the Hong Kong-listed unit, which had a market value of HK$5.99 billion ($765.92 million) as of Tuesday.
The sources declined to be named because they were not authorised to speak publicly about the matter.
Trading in Haitong International’s shares was halted from Wednesday pending an announcement under the takeover code, the company said in an exchange filing.
A spokesperson for Haitong Securities and Haitong International declined to comment beyond the filing.
Bloomberg first reported Haitong’s privatisation plan earlier on Wednesday.
($1 = 7.8207 Hong Kong dollars)
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