Everbright Securities Agrees to Buy SHK & Co.’s Brokerage Unit
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Everbright Securities Co., China’s eighth-biggest brokerage, agreed to buy a controlling stake in Sun Hung Kai & Co.’s securities and wealth-management businesses for HK$4.1 billion ($529 million).
Everbright Securities will pay cash for 70 percent of the Hong Kong-based company’s Sun Hung Kai Financial Group Ltd. unit, according to a statement filed to the city’s stock exchange on Monday.