Founder Sec to buy $234M stake in Shenjing Bank

Founder Securities will pay up to 1.5 billion yuanor $234 million for a stake in Shenjing Bank in northeastern China.

The brokerage, the 19th biggest in China by assets, will buy up to 300 million shares, equivalent to 8.12 percent of outstanding shares, at 5 yuan per share, it said in a filing to the stock exchange late on Tuesday.

The full story is available at Reuters.