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Galaxy Securities offers 10m shares to Huashi AMC

(XFN-Asia)
Updated: 2007-03-28 15:17

China Galaxy Securities has offered 10 million shares to Huashi Asset Management Co (AMC), a unit of Shanghai Pharmaceutical Co Ltd, Shanghai Pharmaceutical said.

The deal follows a wealth management agreement entered into by Huashi, which transferred 50 million yuan (US$6.47 million) to Galaxy.

The deal is intended to facilitate Galaxy's transition to a shareholding company and eventual listing, it said.

The shares held by Huashi are subject to lockup, with no sale to a third party before the initial public offering permitted without Galaxy approval.

The brokerage was founded in 2000 with registered capital of 4.5 billion yuan, integrating five trust and investment companies affiliated with China Construction Bank, the Industrial and Commercial Bank of China, Bank of China, the Agricultural Bank of China and China Life Insurance.