China Knowledge reported that CITIC Securities Co, China largest listed brokerage firm has received approval from the China Securities Regulatory Commission to sell a 51% stake in China Asset Management Co for a total of CNY 8.34 billion.

CITIC Securities said in a statement that it has agreed to sell the 51% stake to five buyers.

South Industry Assets Management Co will buy a 11% stake for CNY 1.76 billion and Corporation of Canada will buy a 10% stake for CNY 1.78 billion. In addition to this, Wuxi Guolian Development Co and two Shandong-based companies will each purchase a 10% stake.

Upon the completion of the stake sale, CITIC Securities will hold a 49% stake in CAM.

(Sourced from China Knowledge)