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CITIC Securities plans share offer

(China Daily)
Updated: 2007-06-06 10:49

CITIC Securities Co, the most profitable brokerage in China, plans to sell 350 million new shares, worth about $2.5 billion at Monday's closing price, to finance expansion, Bloomberg News reported.

The company didn't say at what price the shares would be sold in its statement to the Shanghai Stock Exchange yesterday. Based on the stock's closing price on Monday, the offer would be worth 18.9 billion yuan.

CITIC Securities, whose profit jumped 10-fold in the first quarter, joins China COSCO Holdings Co in testing investor appetite for new equities after the government raised the tax on stock trading.