SHANGHAI May 22 CITIC Securities Co Ltd
, China's biggest brokerage, plans to spend
up to 2 billion yuan ($325.97 million) to acquire a 10 percent
stake in China Asset Management, the country's top fund
management company, it said late on Tuesday.
CITIC Securities will buy the stake from Wuxi Guolian
Development Group and will hold 59 percent of China Asset
Management when the acquisition is complete, the securities firm
said in a filing to the Shanghai Stock Exchange.
The brokerage was forced to sell down its stake last year
following a regulatory requirement that barred Chinese companies
from holding shares in more than two securities firms, or
holding a controlling stake in more than one.
Authorities said last week that the regulation is under
CITIC Securities sold the 10 percent stake in China Asset
Management to Wuxi Guolian for 1.6 billion yuan last year.
($1 = 6.1356 Chinese yuan)
(Reporting by Fayen Wong; Editing by Stephen Coates)