South China Morning Post
Guolian Securities, an investment banking group listed in Hong Kong, has bought a 30.3 per cent stake in Minsheng Securities for 9.1 billion yuan (US$1.3 billion) through an online auction, after creditors seized the asset to recover debt owed by its distressed parent Oceanwide Holdings. The company outbid rivals including Soochow Securities and Zheshang Securities after a 162-round of bidding war for the block of shares. It was transacted on JD.com's auction platform, with a reserve price of ab