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Market Chatter: Soochow Securities to Buy 84% Stake in Donghai Securities for 11.5 Billion Yuan

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Soochow Securities (SHA:601555) will acquire an 83.68% stake in peer Donghai Securities held by 60 counterparties for up to 11.5 billion yuan, according to a Wednesday filing with the Shanghai Stock Exchange.

The securities brokerage will pay for the acquisition through the issuance of up to 1.17 billion shares at an adjusted price of 9.24 yuan apiece for up to 10.8 billion yuan, as well as a cash payment of 732.3 million yuan.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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