Credit China FinTech Holdings Limited, together with its subsidiaries, announced that it will form a consortium to acquire a 36.58% equity interest in Ping An Securities Group (Holdings) Limited from its major shareholders at HK$0.096 a share in cash. Upon completion, the consortium will make a conditional mandatory general cash offer for all the issued shares of Ping An Securities.
Ping An Securities is a licensed corporation by the SFC to carry out Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities in Hong Kong.
Credit China Fintech is set to expand in Southeast Asia by leveraging Ping An Securities to introduce fintech services to the local Hong Kong market.
Phang Yew Kiat, vice-chairman and CEO of Credit China Fintech says, “Ping An Securities’ product offerings are valuable resources that we believe will generate significant synergies with our existing businesses.”