CITIC set for 10% stake in asset firm

CITIC Securities Co Ltd, China’s biggest brokerage, is to regain a controlling stake of a top fund management company, according to a filing submitted by the company to Shanghai Stock Exchange on Wednesday.

CITIC Securities plans to spend up to 2 billion yuan ($325.97 million) to acquire a 10 percent stake in China Asset Management from State-owned Wuxi Guolian Development Group. The deal will give CITIC Securities 59 percent of China Asset Management, the securities firm said.

China AMC made more than 49.4 billion yuan in profits for its investors from 2001 to 2011, taking up about 11.69 percent of the total profits of the entire industry and overtaking all its peers, according to an earlier report done by Wind Information Co Ltd, a leading provider of economic data and financial information.