Credit Suisse said it has reached an agreement with Founder Securities Co. Ltd. to increase its shareholding in its Credit Suisse Founder Securities Limited joint venture.
The transaction is subject to regulatory approvals. This confirmation follows disclosure by Founder Securities to the Shanghai Stock Exchange earlier today.
The company disclosed in a statement that Credit Suisse’s shareholding is expected to increase from 33.3% to 51% by way of capital injection. The shareholding of Founder Securities in CSFS will reduce to 49% as a result.
Established in 2008 and headquartered in Beijing, CSFS focuses on providing a range of capital markets services to clients in the domestic China market, including sponsoring and underwriting A-shares, foreign investment shares, and government and corporate bonds as well as providing financial advisory services. Since October 2016, it has also operated a securities brokerage business in Shenzhen Qianhai.