Brokerage Cowen Group shares surged 19 percent on Wednesday after Chinese conglomerate CEFC China said it agreed to acquire a stake of about 20 percent in the U.S. company for $100 million.

The deal, the latest in a series of investments by Chinese firms in U.S. companies, will also give the CEFC the right to appoint three directors to theNew York-based company’s board.

CEFC’s announcement comes a day after U.S. electric car maker Tesla said China’s Tencent Holdings had acquired a 5 percent stake in the company for $1.78 billion.

Privately held CEFC China will also provide Cowen with $175 million in debt financing, the companies said.

“This partnership will accelerate growth in Cowen’s core areas of expertise: investment banking, equities, research and investment management,” Cowen Chief Executive Peter Cohen said.

CEFC will pay $18 for each Cowen Class A share, representing a 29.5 percent premium to the stock’s Tuesday close.

The deal, which is expected to close by the third-quarter of 2017, will be subject to regulatory and government approvals, the companies said.