The breakup of Anbang Insurance’s short-lived business empire is in full swing after a state-owned consortium acquired stock brokerage Century Securities in the first major divestment for the troubled insurance group.
Government-owned firms Xiamen International Trade Group and Shenzhen Qianhai Financial Holdings have teamed up to acquire a roughly 92% stake in Century Securities for a minimum of RMB3.6 billion (US$524 million), reported Chinese financial portal Caixin.
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