Shenyin & Wanguo Securities Co. is set to take full ownership of Hong Yuan Securities Co. Ltd. (000562.CN), with the proposal being backed by major shareholders of both the firms, news website caixin.com reported Wednesday. Both Shenyin & Wanguo and Hong Yuan are securities firms under the control of Central Huijin Investment Ltd., an investment arm of sovereign wealth fund China Investment Corporation. Central Huijin owns 55.38 percent stake in Shenyin & Wanguo while holding a 60.02 percent interest in Hong Yuan via a subsidiary. Shares of Hong Yuan were suspended from trading on Wednesday, the report said.
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