Going by recent failed deals in the local stockbroking industry, it is possible that even that did not materialse, as the return on equity from the broking business has been trending downwards because of competition and a shrinking market. HLCap is an investment holding company with subsidiaries involved in investment banking, stockbroking, fund management and unit trust management services. It is 81.33% owned by Hong Leong Financial Group Bhd (HLFG), which, in turn, is 65% controlled by Quek. While stockbroking is not seen as an attractive business these days, analysts note that HLCap has been gradually expanding market share in equity and debt issues, as well as in stockbroking. HLFG also owns 64.4% of Hong Leong Bank Bhd, which is listed.

Source: The Star September 17, 2016 00:17 UTC