Huarong International Financial to merge with Huarong Investment Stock.

Huarong International Financial, an investment bank, agreed to merge with Huarong Investment Stock, an investment holding company mainly engaged in the direct investment. The privatization will be implemented by way of a scheme of arrangement involving a conditional share exchange offer in which shares of Huarong International Financial will be offered as consideration for the cancellation of the shares of Huarong Investment Stock. Financial terms were not disclosed.