State Development & Investment Corporation acquired 57.25% stake of Essence Securities Company Limited for CNY 9.4 billion.
December 29, 2013 at 11:00 pm EST
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State Development & Investment Corporation agreed to acquire 57.25% stake of Essence Securities Company Limited for CNY 9.4 billion on November 22, 2013. The acquisition of Essence Securities would enhance State Development & Investment Corporation's capital management capability, help integrate industrial and financial development, and improve its functions as an investment holding company. Essence reported total assets of CNY 30.2 billion and net assets of CNY 10 billion in the year 2012. Su and Tan Weihong of Guantao Law Firm acted as legal advisor for State Development & Investment Corporation.
State Development & Investment Corporation completed the acquisition of 57.25% stake of Essence Securities Company Limited on December 27, 2013.
SDIC Capital Co., Ltd, formerly SDIC Essence (Holdings) Co., Ltd, is a China-based company principally engaged in the securities business. The Company operates through five segments. The Brokerage segment manily includes brokerage business of securities and futures and the agent sales of financial products. Entrusted Asset Management segment mainly includes the pooled asset management, directional asset management and specific asset management. Proprietary Business segment mainly invests the Companyâs funds in equity securities, fixed income securities and derivatives and is involved in the market making business in the new over-the-counter (OTC) market. Investment Banking segment includes stock financing, bond financing, mergers and acquisitions and financial advisory services. Margin Trading segment includes margin trading, stock pledged repo and agreed-to-repurchase securities.
SDIC CAPITAL CO.,LTD 
