01.11.2013 - China’s CIC said to approve Shenyin & Wanguo buying Hong Yuan
China Investment Corp., the sovereign fund that holds the government’s stakes in banks and brokerages, gave its approval for Shenyin & Wanguo Securities Co. to buy Hong Yuan Securities Co., a person with direct knowledge of the matter said. Hong Yuan said in September that Vice Chairman Hu Qiang and Vice President Zhou Dong were being investigated by Chinese police, without giving more details. That probe prompted the acquisition talks, said the person, who asked not to be identified because the matter is private. The brokerages are now seeking approval from regulators including the China Securities Regulatory Commission, the person said..................................Full Article: Source
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