Breaking: KVB Kunlun Bought by Chinese Investment Bank, CITIC Securities

According to a public announcement made by Hong Kong listed brokerage, KVB Kunlun Financial Group Ltd (HKG:8077), the company's controlling share holder has entered into an agreement with Chinese investment bank, CITIC Securities Company Limited (HKG:6030).

The controlling stake represents 60% of the company's shares as of the 30th of January, 2015. Pending due diligence, the takeover deal should proceed with an unconditional offer for the remaining capital of KVB Kunlun Financial Group Ltd (HKG:8077).

The company has recently reported a significant increase in revenues in the aftermath of the most volatile quarter on the foreign Exchange markets for the past couple of years. Shares of KVB Kunlun Financial Group Ltd (HKG:8077) were suspended from trading on the Hong Kong Stock Exchange pending full details.

According to the disclosed document distributed by the firm, the full announcement will be published as soon as possible.

The deal puts an end to rampant speculation about faith in the Hong Kong brokerage. Since November 2014, the dynamics of KVB Kunlun's shares has changed after rampant speculation about a take over deal sent them higher.