13 December 2018

Shanghai Shimao buys 7.74% stake in Shenyin & Wanguo, paper says

Real estate developer Shanghai Shimao Co. Ltd (600823.CN) said Tuesday that it acquired a 7.74 percent stake in Shenyin & Wanguo Securities Co. for 2.19 billion yuan (US$361.3 million), the China Securities Journal reported Wednesday. The stake had been put for sale by China Everbright Group on the Shanghai United Assets and Equity Exchange during Nov. 22 to Dec. 23, it said. With the purchase, which is pending approval from the China Securities Regulatory Commission, Shanghai Shimao is set to become the third-largest shareholder in Shenyin & Wanguo Securities, the report said.

– Contact HKEJ at [email protected]



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