Shanghai Guosheng Group Assets Co., Ltd. completed the acquisition of an additional 6% minority stake in Shanghai Chinafortune Co., Ltd. from Shanghai Feilo Acoustics Co., Ltd.
December 15, 2021
Share
Shanghai Guosheng Group Assets Co., Ltd. signed the share transfer agreement to acquire an additional 6% minority stake in Shanghai Chinafortune Co., Ltd. (SHSE:600621) from Shanghai Feilo Acoustics Co., Ltd (SHSE:600651) for CNY 1 billion on November 16, 2021. Shanghai Guosheng Group will acquire 63,674,473 shares at a price of CNY 16.32 per share. Shanghai Guosheng Group Assets Co., Ltd. will hold 9.99% stake and Shanghai Chinafortune will not hold in any stake in Shanghai Chinafortune post transaction. Share Transfer Agreement needs to be reviewed and approved by the State-owned Assets Supervision and Administration Authority. As of November 22, 2021, parties obtained approval from State-owned Assets Supervision and Administration Authority and still needs to get confirmation from Shanghai Stock Exchange and registered and settled in China Securities.
Shanghai Guosheng Group Assets Co., Ltd. completed the acquisition of an additional 6% minority stake in Shanghai Chinafortune Co., Ltd. (SHSE:600621) from Shanghai Feilo Acoustics Co., Ltd (SHSE:600651) on December 16, 2021.
Shanghai Chinafortune Co., Ltd is a China-based company mainly engaged in securities business. The Company's main business includes brokerage business, asset management business, self-operated business, NEEQ (National Equities Exchange and Quotations) business and margin margin financing and securities lending. Brokerage business includes securities and futures brokerage business, agency sales of financial products, etc. Asset management business includes collective asset management, directional asset management, and special asset management business. Self-operated business includes investment trading of equity securities and derivative financial instruments and NEEQ market doing business with its own funds. NEEQ business includes corporate listing services and financial advisory services. Margin financing and securities lending business include margin financing and securities lending business, stock pledged repurchase business, and agreed repurchase securities business.
Shanghai Guosheng Group Assets Co., Ltd. completed the acquisition of an additional 6% minority stake in Shanghai Chinafortune Co., Ltd. from Shanghai Feilo Acoustics Co., Ltd.
SHANGHAI CHINAFORTUNE CO., LTD. 
