Founder Securities progresses in Credit Suisse Securities stake sale

Founder Securities (SSE:601901) announced that it is moving forward with the sale of its 49% equity interest in Credit Suisse Securities (China) Limited to Beijing State-owned Assets Management Co., Ltd. The transfer price is 88,509,190 yuan. The China Securities Regulatory Commission (CSRC) has approved the change of Credit Suisse Securities (China)'s main shareholder and actual controller, giving the green light for Beijing State-owned Assets Management to become the primary stakeholder with 85.01% ownership. Founder Securities stated it will work with involved parties to complete the equity transfer as required.