Convoy, Hong Kong’s largest listed independent financial adviser, has received a substantial investment from the Tsai Ming-Hsing family, the owners of Taiwan’s Fubon Group. The Taiwan based family has agreed to purchase a 29.85 percent stake in Hong Kong-listed Convoy Financial Holdings (Convoy) for HK$1.68 billion (US$215 million).
Convoy said in a statement that the company’s board had entered into a subscription agreement with the Tsai family for the family’s wholly-owned entities Eagle Legacy Ltd and Oceana Glory Ltd to subscribe to 3.294 billion shares at a subscription price of HK$0.53 per subscription share, and the net proceeds from the subscription will be approximately HK$1.68 billion.
Mr. Mark Mak, CEO of Convoy said, "We are glad to have the support and trust of Mr. Ming-Hsing Tsai and The Tsai Family. They have around 30 years of experience in the financial and insurance business. With their extensive experience in the industry and business networks of their affiliates, we can gain access to sustainable investment opportunities for our asset management and proprietary investment businesses, as well as strengthen our capital base to enable us to better capture any investment opportunities, especially for the asset management business."
Convoy will make use of the proceeds to fund its investment in unlisted assets, as seed capital investment for establishing new funds under its asset management business and as additional capital for the firm’s money lending business.
