Liu Chuanzhi, chairman of Legend Holdings, confirmed that the Chinese conglomerate had purchased equities of Shanghai-based BOC International (China) Ltd, China Business News reported Tuesday.
Liu, a deputy to the National People's Congress, said Monday the move represents a new direction in Legend Holdings' future investments to the financial industry, including securities. The company will consider buying more high-quality securities assets in the future, he added.
Previously, media reports had speculated that Legend, the parent of Chinese computer maker Lenovo Group, might have paid 900 million yuan ($131.84 million) for a 12 percent stake in BOC International, but Legend refused to comment.
Earlier this year, Legend closed a deal with central China's Wuhan-based Hankou Bank to become its largest shareholder. City commercial banks have been more prominent in public offerings since last year, but Liu said Legend has no plan for listing Hankou Bank so far.
