China's CMBC buys into HK securities firm Quam

Hong Kong

CHINA Minsheng Banking Corp (CMBC), the country's biggest private lender, said late on Tuesday it's in talks to invest as much as US$970 million for a controlling stake in Hong Kong-based securities firm Quam Ltd.

Quam's shares soared as much as 105 per cent on Wednesday as trading, which was halted on Monday pending an announcement, resumed, paring gains to 67 per cent in late morning to HK$1.98.