CITIC Securities Places 804 Million H-Shares to CITIC Financial Holdings for RMB 16 Billion
CITIC Securities has placed 804 million new H-shares to CITIC Financial Holdings at RMB 23.13 per share, raising gross proceeds of RMB 16 billion. After currency conversion, net proceeds amounted to about RMB 18.413 billion, which will be retained overseas to fund international business expansion. The placement represents about 5.14% of the enlarged issued share capital, lifting CITIC Financial Holdings' stake to approximately 23.96%.
CITIC Securities announced that it has allotted a total of 804 million new H-shares to CITIC Financial Holdings at an issue price of RMB 23.13 per share, representing approximately 5.14% of the enlarged issued share capital. The gross proceeds from the placement amount to RMB 16 billion, which, after currency conversion, yield approximately RMB 18.59 billion, with net proceeds of about RMB 18.413 billion. The company stated that the net proceeds will be retained entirely overseas and used to develop its international business.
Following the completion of the placement, CITIC Financial Holdings' shareholding in the company will account for approximately 23.96% of the enlarged issued share capital.