The joint venture was authorized by the China Securities Regulatory Commission (CSRC) in July 2010 and is 51% owned by Western Securities, 49% by BNY Mellon.
In a statement posted on the Shenzhen stock exchange, Western Securities said that Shanghai Leadbank Asset Management will acquire the stake. Shanghai Leadbank intends to spend around CNY147m (($24m) for the acquisition, reports Reuters.
Founded in 2001 with registered capital of RMB1bn, Western Securities is based in Xi’an and has 56 Securities branches throughout China.
