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| Strengthens Local Operation in Hong Kong and Long-term Core Competitiveness |
HONG KONG, Oct 26, 2015 - (ACN Newswire) - SinoPac Securities Corporation ("SinoPac Securities"), a company under SinoPac Holdings Co., Ltd. ("stock code: 2890.TT) (SinoPac Holdings), has today announced that its subsidiary SinoPac Securities (Cayman) Holdings Limited ("SinoPac Securities (Cayman)") is to acquire Tung Shing Holdings Company Limited ("Tung Shing") and its subsidiaries. Based on Tung Shing's net value as at the end of June 2015 and the future operations synergies, the total cash consideration for the acquisition is to be approximately HK$585 million. The acquisition is subject to approval by the authorities in Taiwan and Hong Kong. The base date of the acquisition is tentatively set for 1 March 2016.
 | | SinoPac Securities (Cayman) Acquires Tung Shing Holdings |
As a wholly-owned subsidiary of The Bank of East Asia, Limited ("BEA"), Hong Kong, Tung Shing mainly operates stock brokerage and financing, precious metal brokerage and trading as well as futures and options businesses in Hong Kong. The acquisition is set to benefit SinoPac Securities' operations in many ways, including effectively integrates resources, centralizes management and strengthens business development and the profitability model, while adding three branches in Wan Chai and Mongkok to enhance the retail business and its localized image in the market. After the completion of the acquisition, Tung Shing can also leverage the resources of SinoPac Holdings to provide a more comprehensive financial service platform, thus offering fixed income, investment banking, asset management and fund products to its original customers, meeting their comprehensive needs.
Mr. Chen Wei-Lung, Chairman of SinoPac Securities, said, "Stock brokerage and wealth management are the core businesses of brokers. The acquisition of Tung Shing can strengthen the local operation of brokerage and wealth management businesses of SinoPac Securities (Asia) Limited ("SinoPac Securities (Asia)") in Hong Kong and its long-term core competitiveness, which will in turn positively impact shareholders' equity. SinoPac Securities (Asia) will continue to expand the overseas business, while assist SinoPac Securities, its parent company, to achieve its strategic goal and provide the most convenient integrated financial services to its Chinese customers in the globe."
Representatives attended the signing ceremony held today include Mr. Chen Wei-Lung, Chairman of SinoPac Securities, Mr. Yeh Huang-Chi, President of SinoPac Securities, Dr. Wang Wei-Hsin, Chairman of SinoPac Securities (Asia), Mr. Chan Tze-ching, Senior Advisor of BEA, Mr. Samson Li Kai-cheong, Deputy Chief Executive of BEA, and Mr. Gary Cheung, Chief Executive Officer of Tung Shing.
Contact:
Strategic Financial Relations Limited
Joanne LAM (852) 2864 4816 joanne.lam@sprg.com.hk
Fanny YUEN (852) 2864 4853 fanny.yuen@sprg.com.hk
Kally LAM (852) 2114 4915 kally.lam@sprg.com.hk
www.sprg.com.hk
Topic: Press release summary
Source: SinoPac Securities Corporation
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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