Clifford Chance is representing Hong Kong-based Sun Hung Kai & Co (SHKCO) on the $528 million sale of 70 percent of its securities business unit to China’s Everbright Securities, which turned to newly-merged Dentons for advice.

The acquisition marks the latest trend of Chinese brokerages beefing up efforts to expand overseas and bulking up cross-border wealth management capabilities, after the launch of the Hong Kong-Shanghai Stock Connect last November.

Sun Hung Kai Financial Group, the wealth management service unit of SHKCO, is one of Hong Kong’s largest domestic brokerages and wealth management service providers.

Everbright Securities Co, which is a part of China Everbright Group, is China’s eighth biggest brokerage.

A Clifford Chance team led by partner Simon Cooke is advising Sun Hung Kai & Co, while Everbright is being represented by Dentons.

The transaction was signed on Feb. 1 and is subject to regulatory and shareholder approvals.