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Haitong Securities to invest in domestic trust firm

(Agencies)
Updated: 2009-04-20 11:44

Haitong Securities Co said it has agreed to an equity investment in Bridge Trust Co, a domestic trust firm with 481.4 million yuan ($70 million) in net assets, but said terms were still under discussion.

Related readings:  Haitong profits plunge in 2008  Bull market boosts Haitong  China mulls introducing real estate investment trusts

The deal would make Haitong, China's second-biggest brokerage by market value, the country's first brokerage to expand into the trust business.

Haitong said in a statement with the Shanghai Stock Exchange, which was dated Friday but appeared on the exchange website late on Sunday, that the investment was subject to regulatory approval.

The official Shanghai Securities News reported on Monday that Bridge Trust and the regional government had verbally agreed to an acquisition, citing sources familiar with the situation. Obtaining a trust licence would allow Chinese brokerages to expand into businesses such as asset management, private equity investment and real estate investment trusts, analysts have said.

Haitong's shares resumed trading on Monday morning after a two-day suspension at the end of last week pending a major announcement. They were up 1.81 percent at 14.10 yuan, compared with a 0.44 percent decline in the benchmark Shanghai Composite Index during the time since the suspension.