Huatai Securities Co. Ltd. plans to raise up to 26 billion yuan via a nonpublic issuance of new shares.
The company said May 26 that it will issue a maximum of 1,088,731,200 A shares to up to 10 subscribers. The shares represent approximately 16.67% of the company's enlarged issued A shares and about 13.19% of its enlarged total issued share capital upon completion of the issuance.
The proceeds from the issuance will be used to replenish the company's capital and operating capital.
The issuance is subject to approval from the company's shareholders and the China Securities Regulatory Commission.
As of May 26, US$1 was equivalent to 6.86 Chinese yuan.