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CITIC Securities to Inject RMB 2.2 bln into PE Subsidiary

Source:   Time:

  CITIC Securities Co, the largest listed brokerage in China, yesterday announced that it has secured approval from its board of directors to inject RMB 2.2 billion into its wholly-owned private equity subsidiary, Gold Stone Investment Co, sources reported.

  In a statement filed with the Shanghai Stock Exchange, CITIC Securities said that the capital injection is expected to boost Gold Stone's operating capabilities.

  CITIC Securities also holds a 71% stake in another PE firm, CITIC Private Equity Funds Management.

  Early this month, CITIC Securities offered to sell its 53% stake in China Securities Co Ltd for RMB 8.6 billion on the Beijing Financial Assets Exchange. The offering, the largest on the domestic financial asset market, comprises a 45% stake in China Securities for RMB 7.29 billion and an 8% stake for RMB 1.3 billion.

  Sources familiar with the matter said that the buyer of the 45% stake would likely be Beijing State-owned Assets Management Center, a state-owned company with net assets of RMB 230 billion at the end of September last year.

  

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