Eastmoney Information Co.,Ltd. entered into a letter of intent to acquire 30% sake in Xizang Securities Co., Ltd. from Tibet Autonomous Region Investment Co., Ltd. for CNY 1.9 billion.
The transaction requires the approval from the People's Government of Tibet Autonomous Region, approval of Eastmoney Information's stockholders and the China Securities Regulatory Commission. The Board of Tibet Autonomous Region Investment Co., Ltd and Eastmoney Information Co.,Ltd approved the transaction. As on May 26, 2015, Eastmoney Information will issue 154 million shares to acquire 100% stake in Xizang Securities. As of June 11, 2015, the shareholders of Eastmoney Information approved the transaction. On September 29, 2015, China Securities Regulatory Commission approved the transaction. China International Capital Corp. Ltd. acted as the financial advisor to Eastmoney Information.