Golden Resorts acquires Kingston Financial Group

The group expands financial operations to consolidate its position as leading Chinese financial group, operating in China, Hong Kong and Taiwan.

Golden Resorts Group Limited has recently acquired Kingston Securities, Kingston Corporate Finance, Kingston Futures and Kingston Asset Management and has been renamed as “Kingston Financial Group Limited” (the “Group”) on 1 April. A celebration cocktail to mark the acquisition at the Four Seasons Hotel on Monday was attended by more than 1,000 representatives from local and overseas financial institutions, senior management from listed companies and government officials, according to a Kingston Financial Group report.

Kingston Financial Group is principally engaged in the provision of a range of services including securities and futures brokerage, margin and IPO financing, securities underwriting and placement, corporate finance advisory and asset management. It is one of the leading Chinese financial groups in Hong Kong. Since it was established in 1993, the Group has developed into an integrated financial institution with financing, brokerage, financial advisory and asset management operations. Total consideration of the acquisition amounted to HK$12,000,000,000.

Along with the rapid economic growth in Mainland China, the Group will ride on its existing hotel and entertainment business in Macau, its extensive experience in and thorough understanding of the financial industry in China, Hong Kong and Taiwan, to develop the underwriting, placing, IPO and securities brokerage businesses, strengthen capability in asset management, reinforce the internal R&D team and expand the financial product mix to provide comprehensive and professional investment banking services to customers.

The internationalisation of RMB for transactions together with international financial institutions developing RMB business via the Hong Kong market has become an increasingly significant trend. At the same time, more and more overseas and Mainland companies are choosing to list their shares in Hong Kong. In addition to capturing these opportunities, the Group will also positively participate in the trading of RMB products to offer innovative and more comprehensive services to its customers.

Mr Chu, Nicholas Yuk-yui, Chairman and Executive Director of Kingston Financial Group, said, “As the economies in China, Hong Kong and Taiwan collectively are growing at a rapid pace, the financial industry in these regions has bright prospects. The addition of comprehensive financial services on top of our existing hotel and gaming business in Macau enables the Group to more effectively capture the opportunities arising from the rapid growth of Hong Kong’s financial market and maximise value for shareholders.”