Biz News Flash

Citic to offload stake in CAMC

(China Daily)
Updated: 2011-05-26 13:52

China's Citic Securities, the country's biggest listed brokerage, will sell a 51 percent stake in China Asset Management Co Ltd for at least 7.6 billion yuan ($1.2 billion), it said on Wednesday.

Regulatory requirements limit a single shareholder's maximum stake in a Chinese fund management firm to 49 percent.

Citic will sell its holding down to that level, it said in a statement to the Shanghai Stock Exchange.