首页 新闻 体育 娱乐 游戏 邮箱 搜索 短信 聊天 天气 答疑 导航


新浪首页 > 新浪教育 > Bid to buy brokerage stake fails

Bid to buy brokerage stake fails
http://www.sina.com.cn 2003/07/30 11:43  Shanghai Daily

  Xinjiang D'Long Group Co Ltd, one of China's biggest privately held firms, suffered a setback in its attempt to acquire a major stake in Shenyin & Wanguo Securi-ties Co Ltd, a leading domes-tic securities firm, because the government hasn't approved the transaction.

  "The plan has not received the nod from the govern-ment," said sources familiar with the matter.

  Shenyin & Wanguo Securi-ties declined to comment.

  D'Long had planned to buy an 18.67-percent stake in Shenyin & Wanguo Securities at an undisclosed price from Everbright Group. Everbright is also an investment consortium backed by the State Council, China's cabinet.

  If the government had approved the deal, D'Long would have become the single biggest shareholder in Shenyin & Wanguo Securi-ties, which has a nationwide network of 109 outlets.

  Everbright wants to divest its stake in Shenyin & Wanguo Securities because of falling profit margins for the securities industry, which has been battered by the sluggish performance on the stock market.

  The average profit for brokerage houses slumped to 1.3 billion yuan (US.63 million) last year from 6.5 billion yuan the year before, according to figures released by the China Securities Association.

  From January to May, Shenyin & Wanguo Securities earned 222.5 million yuan.

  In 2000, Everbright Group, which also owns Everbright Securities Co Ltd, purchased 240 million shares in Shenyin & Wanguo Securities from the Shanghai Finance Bureau to become the biggest shareholder of the securities house.

  The owners of D'Long Group, brothers Tang Wanli and Tang Wanxin, were ranked the 27th richest busi-ness people on China's main-land in the Forbes list last year, with a combined asset wealth of US million.

  The conglomerate now controls three firms on the Shanghai and Shenzhen stock markets - Shanghai-listed Xinjiang Tunhe Investment Co Ltd and Shenzhen-listed Shenyang Hejin Holding Co Ltd, and Torch Investment Co Ltd.




英语学习论坛】【评论】【 】【打印】【关闭
Annotation

新闻查询帮助



文化教育意见反馈留言板电话:010-62630930-5178 欢迎批评指正

新浪简介 | About Sina | 广告服务 | 招聘信息 | 网站律师 | SINA English | 会员注册 | 产品答疑

Copyright © 1996 - 2003 SINA Inc. All Rights Reserved

版权所有 新浪网
北京市通信公司提供网络带宽