CSRC app knitted fabric roves Huatai Securities' IPO plan
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CSRC approves Huatai Securities' IPO planPublished: 30 Nov 2009 19:23:05 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market Dec. 1, 2009 (China Knowledge) - Huatai Securities Co, a mid-sized brokerage based in Nanjing, has secured approval from the China Securities Regulatory Commission to launch an initial public offering in Shanghai, sources reported.

The brokerage plans to sell 985 million A shares, or 16.98% of its enlarged share capital, and expects to raise RMB 12 billion. The firm will use the proceeds from the IPO to replenish its working capital and expand its existing business, according to the firm's prospectus.

Huatai Securities will be the third securities firm to be listed this year. Everbright Securities<601788> and China Merchants Securities<600999> have already been listed. After the listing, Huatai United Securities Co, in which Huatai Securities owns a 97.43% stake, will no longer handle asset management business.

Huatai Securities has 132 branches across the country. As of the end of September 2009, its net assets were RMB 12.82 billion, and its net assets per share were RMB 2.66.



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