Everbright Securities may buy Sun Hung Kai unit

Hong Kong

EVERBRIGHT Securities Co, China's eighth-biggest brokerage, is nearing an agreement to buy control of Sun Hung Kai & Co's securities and wealth-management businesses for about US$500 million, people with knowledge of the matter said.

Everbright Securities will acquire about 70 per cent of the Hong Kong-based company's Sun Hung Kai Financial unit, the people said, asking not to be identified as the details are private. The deal may be announced as soon as on Monday in Hong Kong, two of the people said.