China's Frst Listed Securities Company Due Soon

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Last updated at: (Beijing Time) Saturday, December 14, 2002

China's Frst Listed Securities Company Due Soon

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China International Trust and Investment Corporation (CITIC) Securities will launch its initial public offering (IPO) early next year, and become China's first listed securities company, a senior executive said Friday.

Wang Dongming, chairman of the CITIC Securities board of directors, said CITIC Securities expected to issue 400 million A shares (shares for domestic investors) at a price of 4.50 yuan (US$ 0.56) for share.

The company expected to raise 1.8 billion yuan from the IPO, said Wang, and bring its net assets to 5 billion yuan. The capital raised by the IPO would be spent buying some securities assets and balancing the company's operations.

CITIC Securities was established in October 1995 and restructured as a limited company in 1999. Its anchor shareholder is the CITIC Group which holds 37.85 percent stock in CITIC Securities so far.

Going public was a "realistic choice" for China's securities company to attract medium or long-term financing, achieve fast growth and restructure, said Wang Feng, a securities analyst.

Following the example of CITIC Securities, Wang said, quite a few of China's securities companies such as Guotai Junan Securities and Guang Fa Securities, were queuing for the final green light from the China Securities Regulatory Commission for listing on the A-share market.

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