CITIC Securities plans equity investment JV |
click rate:2392
issue time:2007-03-10 08:12
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Jan. 24, 2007 (China Knowledge) – CITIC Securities <600030>, China's biggest listed broker, Wednesday announced plans to set up a joint venture to target equity stakes in Mainland companies that are about to be listed. Beijing-based CITIC Securities will partner with a company called SICO. No further details were given about CITIC Securities’ potential partner, except that each partner will contribute up to RMB 500 million for the joint venture. Last year, the Shanghai Stock Exchange was ranked the ninth in the world and the second in the Asia-Pacific region in terms of capital raised in IPOs, with RMB 140 billion being raised in 2006. Total market capitalization for both Shanghai and Shenzhen stock exchanges accounted for 50.1% of the nation’s GDP, indicating that CITIC Securities still has many opportunities to acquire equity stakes in many Mainland companies that are yet to be listed. In 2006, CITIC Securities posted preliminary net profit increase of more than 450% year-on-year, thanks to the bullish A-Share market.
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