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FINWIRES

CITIC Securities Shareholder to Inject 16 Billion Yuan in Business

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CITIC Securities (SHA:600030, HKG:6030) said it agreed to issue 16 billion yuan worth of H shares to its substantial shareholder CITIC Financial Holdings, according to a Thursday filing with the Hong Kong bourse.

The financial services company's shares gained nearly 4% in late morning trade Friday.

The company will issue 794.06 million H shares at HK$23.13 apiece to raise funds to expand its international business, the firm said.

CITIC Financial is the company's largest shareholder with a 19.84% stake in the business.

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