A unit of China Pacific Insurance (Group) Co. has agreed to pay 1.05 billion yuan ($152 million) for a controlling stake in a fund management company from Guotai Junan Securities Co..
China Pacific said after markets closed Thursday that it agreed to buy GTJA Allianz Fund Management Ltd. via a public tender on Shanghai United Assets and Equity Exchange.
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Established in 2003, GTJA Allianz Fund is the first sino-foreign fund management joint venture approved to be set up in China with a registered capital of CNY150 million.
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(END) Dow Jones Newswires
April 27, 2017 21:58 ET (01:58 GMT)