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Industrial Securities to raise up to 8B yuan in share issuance

Industrial Securities Co. Ltd. plans to raise up to 8 billion yuan by issuing a maximum of 1.2 billion shares in a nonpublic offering.

The Fujian Provincial Department of Finance, a major shareholder, proposed to subscribe to no less than 20% of the shares for up to 1.63 billion yuan, the company said in a Dec. 19 release.

Proceeds from the capital raising exercise, which is subject to regulatory and shareholder approvals, will be used to replenish the company's working capital and boost business scale and market competitiveness.

Specifically, the company added, the funds will go toward boosting its margin trading and stock repurchasing plans, as well as expanding its investments in equities, fixed income and derivative securities.

As of Dec. 19, US$1 is equivalent to 6.60 yuan.