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CDB Securities raises 3.6B yuan with eye on future IPO

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CDB Securities raises 3.6B yuan with eye on future IPO

China Development Bank Corp.'s securities unit raised more than 3.6 billion yuan from investors, laying the groundwork for a potential listing, Reuters reported Dec. 22, citing a statement from the bank.

CDB Securities raised the funds from two strategic investors, the bank said.

The funds will be used to supplement capital and help expand the business. The deal also lays the foundation for a future restructuring and a market listing.

Reuters had previously reported that China Development Bank plans to list two of its subsidiaries, including CDB Securities, in Hong Kong.

As of Dec. 21, US$1 was equivalent to 6.95 Chinese yuan.