KARACHI: Three of China’s financial market operators intend to jointly buy a combined stake of up to 40% in the Pakistan Stock Exchange (PSX), a person with close knowledge of the potential deal told China Daily.

The source, who is with the Shanghai Stock Exchange (SSE), said the SSE and two other bourses in China have submitted a letter of intent to the PSX, China Daily reported.

The source with the SSE revealed that the acquisition attempt is still undergoing procedures and more details will be disclosed jointly by the three buyers at an “appropriate time,” if the acquisition is successful.

The acquisition, if successful, would be the first by Chinese bourses of a foreign stock exchange. China’s news and business social media platform jiemian.com reported on Wednesday that the three operators, namely the SSE, the Shenzhen Stock Exchange, and the Shanghai-based China Financial Futures Exchange, would like to buy stakes in the PSX, but the three operators declined to comment on the acquisition at the current stage.

A Shenzhen Stock Exchange source told China Daily that “there is nothing I can say about this deal at the current stage”. The PSX was formed in January by consolidating the Lahore, Karachi and Islamabad stock exchanges.