Article: PICC TO BUY INTO ESSENCE SECURITIES


AsiaInfo Services
08-14-2009
PICC to Buy into Essence Securities

SHENZHEN, Aug 14, 2009 (SinoCast Daily Business Beat via COMTEX) -- The People's Insurance Company (Group) of China (PICC) will buy into domestic broker Essence Securities Co., Ltd., revealed an insider.

The insurance giant will take six to ten percent stake in the broker, and it is unknown how much it plans to spend on the deal.

Essence Securities was established by China Securities Investor Protection Fund Corp. Ltd. and Shenzhen Investment Holding Co., Ltd. in August 2006 with a registered capital of CNY 1.51 billion. Headquartered in Shenzhen, it is 99.34 percent controlled by China Securities Investor Protection Fund and ...

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