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Image Source : China Visual
BEIJING, September 9 (TMTPOST) – Founder Securities (601961. SH) announced on the evening of Thursday that it intended to transfer its 49% stake in its joint venture Credit Suisse Securities (China) Ltd. to Credit Suisse Group AG for a consideration of RMB 1.14 billion ($160 million).
After the completion of the transfer, Credit Suisse will become the third global bank to own 100% of a securities firm in China after J.P. Morgan and Goldman Sachs & Co, which secured a head start in the last two years by converting their Chinese joint ventures into fully-owned companies.
According to the appraisal report, the appraised value of all shareholders" equity as of the end of 2021 was RMB 2.325 billion ($335.96 million), representing an appreciation rate of 53.38%, and the appraised value was RMB 1.139 billion ($164.59 million). The transfer consideration was determined based on this appraisal result.
By the price adjustment mechanism agreed in the equity transfer agreement, Founder Securities expects to receive approximately RMB 1.088 billion ($157.21 million) for the equity transfer of Credit Suisse Securities. If the settlement date is before the end of 2022, the equity transfer will add RMB 290 million ($41.9 million) to Founder Securities" net profit.
Credit Suisse Securities, formerly known as Credit Suisse Founder Securities, was established in 2008 and was the first securities company approved for establishment after the China Securities Regulatory Commission (CSRC) revised the Establishment of Securities Companies with Foreign Equity Participation Rules.
Founded in 1856, Credit Suisse is an integrated full-service bank that engages in commercial banking, investment banking, securities brokerage, securities trading, asset management, financing, and other financial services businesses.
With China allowing foreign financial institutions to take a controlling stake in Chinese joint ventures, as well as the rapid growth of China"s high net worth wealth population and the strong demand for overseas listings of Chinese companies, Credit Suisse has accelerated its transformation into wealth management and corporate banking services in Asia, particularly in China.
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