Chinese service provider Puhui Wealth Investment Management has acquired Hong Kong-based Granville Financial Services.
The deal is part of Puhui’s strategy to expand its wealth and asset management services to outside of mainland China.
Puhui has agreed to purchase 13,000,000 (100%) shares of Granville for HK$29.4m (£2.9m, $3.8m, €3.4m).
Granville offers services in securities, futures and asset management.
Headquartered in Beijing, Puhui was founded in 2013 and focuses on wealth management products for individuals and corporate clients.
Significant role
Ji Zhe, chairman and chief executive of Puhui, said: “We are now well-positioned to take advantage of financial qualifications and licenses that allow us to provide our services in China and Hong Kong, with the prospect of seeking additional licenses globally.
“This acquisition will play a significant role in assisting the company’s business development activities in Hong Kong, broadening and enhancing our existing product portfolio, and providing valuable international experience to our team.
“We will continue to evaluate other business and growth opportunities as they arise.”
