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.

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 placement in Asia including Japan so far this year up to June 15, according to data provider Dealogic.

Monday's private placement drew notable sovereign wealth funds as investors. The Kuwait Investment...

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