Everbright Securities placement

China Everbright Securities plans $1 billion placement

The Shanghai-based firm plans to use the proceeds from the fundraising to replenish its working capital and expand its business.

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Photo: ImagineChina
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<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: ImagineChina </div>

China has made efforts to ease controls on its capital markets in a bid to encourage greater participation from private investors both in China and overseas, and this loosening of restrictions is creating opportunities for the country’s securities firms.

Everbright Securities is one broker relishing the prospect of more liquidity. China’s leading securities dealer, which is controlled by state-owned financial conglomerate China Everbright Group, is seeking to raise Rmb7 billion $1.1 billion in a private placement in Shanghai to replenish its working capital and raise funds to help expand its business, it said in a filing to the city’s stock exchange yesterday.

It is the broker’s first...

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