China's CITIC Securities says plans up to 1.5b new H-share issue

[SHANGHAI] Chinese biggest stock brokerage CITIC Securities said it plans a new public issue of up to 1.5 billion Hong Kong-listed H-shares to supplement capital to help expand businesses including margin trading in China's mainland.

In a statement issued late on Sunday, the brokerage said the issue would be implemented within 12 months pending on shareholder and regulatory approval.

CITIC Securities did not say how much money it aims to raise. Its H-shares closed at HK$27.75 on Friday, and based on that price, it could raise as much as HK41.6 billion (US$5.36 billion), but Chinese companies typically give some discount in pricing new share issues.

REUTERS