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GF Securities completes RMB 12.18-bln private placement

Aug, 30, 2011 (China Knowledge) - GF Securities Co Ltd<000776>, a major brokerage firm in China, announced that it has completed its private placement and raised RMB 12.18 billion.

The company said in a statement filed with the Shenzhen Stock Exchange that it issued 452.6 million shares to ten investors at a price of RMB 26.91 apiece.

The investors included Anhui Huamao Textile Co Ltd<000850>, China Asset Management Co, ICBC Credit Suisse Asset Management Co and Huashang Fund Management Co.

The brokerage firm said that the proceeds from the deal will be used to boost its capital base and replenish working capital.

The company said earlier that its net profit rose 18.09% year on year to RMB 1.34 billion in the first half, but its operating revenue fell 9.98% year on year to RMB 3.27 billion.

Revenue from brokerage business dived 27.08% year on year to RMB 1.83 billion during the period. There was a 237.85% surge in revenue from self-operated business, 45.3% increase in revenue from investment banking business and 72.93% increase in revenue from asset management business.

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