Money

CITIC Securities to sell 53% stake in China Securities

(Agencies)
Updated: 2010-06-02 09:47

SHANGHAI: China's CITIC Securities Co said on Wednesday it plans to sell a 53 percent stake in China Securities Co, one of its brokerage units, for 8.6 billion yuan ($1.26 billion).

CITIC plans to sell the stake through equities exchanges and hold an open bidding process, it said in a statement to the Shanghai Stock Exchange.

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CITIC would still hold a 7 percent stake in China Securities.

The firm said in March it planned to give up its stakes in two subsidiaries, China Securities being one of them, and China Asset Management Co (CAMC), to meet regulatory requirements.

CAMC manages more than 260 billion yuan and is China's biggest fund management firm, making it a big contributor to CITIC Securities' revenue.

Reuters reported in March that US fund house T Rowe Price is in advanced talks to buy a stake in CAMC.