久久精品30_一本色道久久精品_激情综合视频_欧美日韩一区二区高清_好看的av在线不卡观看_国产自产精品_91久久黄色_午夜亚洲福利_欧美黄在线观看_国内自拍一区

CITIC Securities Co, China's largest listed brokerage, plans sell up to 1.5 billion yuan (US$186 million) of debt to fund acquisitions, including units of Hong Kong-based CITIC Capital Markets Holdings Ltd, and boost working capital.

 

The Beijing-based brokerage plans to sell 1.5 billion yuan of 15-year bonds, it said in a statement to the Shanghai stock exchange yesterday. The interest rate for the bond sale hasn't been decided yet.

 

CITIC Securities, an arm of China International Trust & Investment Corp, the nation's biggest State-run investment company, is expanding as the government encourages the consolidation of the country's brokerage industry that posted a combined loss of 15 billion yuan in 2004 due to a slump in equity markets.

 

The company in September 2004 agreed to buy Gold Stones Securities Co for 796 million yuan (US$98.27 million). A month earlier it took over debt-ridden Huaxia Securities Co with China Jianyin Investment Ltd, an investment arm of the nation's central bank.

 

The brokerage yesterday said it plans to acquire CITIC Capital Markets Co, CITIC Capital Securities Ltd and CITIC Capital Futures Ltd from CITIC Capital Markets Holdings Co for US$380 million.

 

The brokerage will inject HK$300 million (US$38.5 million) into its Hong Kong unit CITIC Securities (HK) Ltd, who will in turn sell a 20 percent stake in itself to CITIC Capital Markets for the three units, the statement said. The ultimate parent for all CITIC companies is the State-run China International Trust & Investment Corp.

 

CITIC Securities also plans to acquire a 41 percent stake in Huaxia Futures Co for 12.4 million yuan (US$1.53 million), according to the statement.

 

The debt sale and acquisition plans are pending shareholders' approval at a meeting to be held on February 17.

 

In a separate statement, the brokerage said 2005 profit probably rose by more than half from a year ago on lower provisions for proprietary trading after it cut back on risky investments.

 

The company, which is slated to report 2005 earnings on April 15, didn't provide any figures in its statement to the Shanghai Stock Exchange yesterday. The brokerage reported a 2004 net profit of 182.2 million yuan (US$22.5 million), according to international accounting standards.

 

(China Daily January 18, 2006)