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FINWIRES

CITIC Securities to Raise 16 Billion Yuan Via Placement to Parent; Shares Up 3%

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CITIC Securities (SHA:600030) plans to raise 16.0 billion yuan via a private placement of H shares at HK$23.13 apiece to parent CITIC Financial Holdings.

Proceeds will support the goal of becoming an internationally first-class investment bank, advance its internationalization strategy, strengthen its capital base and boost risk resilience, according to a Friday filing with the Shanghai bourse.

The transaction requires approvals from CITIC Securities' shareholders, the Hong Kong Stock Exchange and other regulatory bodies, plus a post-completion filing with the China Securities Regulatory Commission.

Shares of the financial services company rose 3% in recent trade.

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