(Yicai Global) Nov. 16 -- Shenzhen Gold Millennium Wealth Management Co. said yesterday that a subsidiary of Sino-Comm (Tibet) Asset Management Co., a large state-owned Chinese enterprise, signed an agreement to acquire it.
Upon completion of the deal, Gold Millennium will become an indirect subsidiary of Sino-Comm (Tibet) Asset Management.
The Sino-Comm (Tibet) Asset Management subsidiary has set up seven subsidiaries through mergers and acquisitions with businesses covering construction materials, finance, trade and energy in half of China. Sino-Comm (Tibet) Asset Management said its subsidiary will add wealth management to that list with this transaction.
Headquartered in Beijing, Sino-Comm (Tibet) Asset Management is directly affiliated with the State-owned Assets Supervision and Administration Commission of the State Council's Commercial Network Construction & Development Center. Its main businesses include the construction of e-commerce and information platforms as well as asset acquisitions, mergers and restructuring.
Based in Shenzhen, Gold Millennium provides private equity, real estate and healthcare wealth management products and services to high-net worth clients and corporate organizations.