Broker May Be 1st Dual-Listed Firm
By Ding Yining |
March 29, 2011, Tuesday
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Print Edition
Print Edition
CHINA'S largest listed brokerage, Citic Securities, is expected to become the first dual-listed securities firm based on its mainland assets as the company said its board of directors have approved a listing plan on the Hong Kong stock exchange.
The brokerage will sell as much as 110 million new shares in Hong Kong, which will account for no more than 10 percent of its total share capital after the float, it said in a filing to the Shanghai Stock Exchange yesterday.
The broker, whose trading has been halted since last Wednesday, will use the funds to acquire research, sales and transaction networks and expand business overseas.
The brokerage will sell as much as 110 million new shares in Hong Kong, which will account for no more than 10 percent of its total share capital after the float, it said in a filing to the Shanghai Stock Exchange yesterday.
The broker, whose trading has been halted since last Wednesday, will use the funds to acquire research, sales and transaction networks and expand business overseas.
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