The Shanghai Stock Exchange accepted Guolian Securities' (HKG:1456, SHA:601456) application to issue shares, according to a Sept. 27 disclosure on the Shanghai Stock Exchange.
The Chinese securities company will issue shares to acquire 99.3% of Minsheng Securities, the disclosure said.
Back in August, Guolian disclosed plans to acquire a controlling stake in Minsheng for 29.5 billion yuan. At the time, it said it will raise 2 billion yuan from the sale of 250 million shares to 45 subscribers to partly fund the deal.
Shares of Guolian jumped more than 13% in Hong Kong recently.
Price (HKD): $6.37, Change: $+0.75, Percent Change: +13.35%
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