Peking University Founder Group has received approval from the China Securities Regulatory Commission to take control of Zhejiang Securities, Shanghai Securities News said. Founder, one of China's biggest software designers, will pay Yn230m for the stake in the firm, which had assets valued at Yn538m at the end of last year.
The brokerage operates 15 branches and earned more than Yn300m in 2000. In December 2001 it was fined a record Yn503m for illegal fund-raising, misuse of client money and insider trading.