Guolian Securities (HKG:1456) said its new asset management arm has obtained both business and operation licenses from Chinese authorities, according to a Thursday filing with the Hong Kong bourse.
Guolian Securities Assets Management will operate from the city of Qingdao and has a registered capital of 1 billion yuan, the filing said.
The stock ended over 3% lower on Friday.
Price (HKD): $3.35, Change: $-0.11, Percent Change: -3.18%
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