Sovereigns crown Citic's $3.5b placement

Four sovereign wealth funds pledged to invest in Citic Securities placement, with proceeds going towards helping the broker's margin financing business.

Sovereigns crown Citic's $3.5b placement

Citic Securities raised $3.5 billion in a private placement Monday night after issuing 1.1 billion new shares to 10 investors from around the world.

The private placement comes one week after Citic announced a strategic partnership with China's national social security fund and raised $1.5 billion from the fund in an H-share placement.

Proceeds will go towards Citic's rapidly expanding margin financing business.

It is the fourth largest...

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