A few days ago, media reports said Sun Hung Kai Financial, the Hong Kong-based wealth management firm, was looking for a buyer as increasing regulatory costs place pressure on its owners to to sell. 

Wing Hang and Chong Hing, two local independent banks, are reportedly in talks with potential suitors amid increasing interest in Hong Kong assets. 

Sun Hung Kai & Co, the parent firm of SHK Financial, has yet to launch a formal sale process and is reportedly weighing offers for the business, which could fetch between $300 million and $400 million.

WealthBriefingAsia contacted Sun Hung Kai & Co for comment, to which its spokesperson said: 

"In relation to a recent media enquiry concerning approaches to acquire SHKF, which is a wholly owned subsidiary of SHK & Co., we would like to clarify that in line with our overall business strategy, the group continuously explores opportunities to expand our various businesses and will, from time to time, hold discussions with various third parties which may or may not lead to a specific business outcome. SHK & Co will make an announcement if and when appropriate according to the disclosure requirements of the HKEx.”

Sun Hung Kai & Co is not connected with the property development group of the same name. The firm was founded by Hong Kong tycoons Fung King-hey, Kwok Tak-seng and Lee Shau-kee. Since 1996, it has been controlled by the Allied Group, the investment holding company of Malaysian-born tycoon Lee Ming-tee.