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Northeast Securities to raise RMB 4 bln via private placement

Feb. 7, 2012 (China Knowledge) - Northeast Securities Co Ltd<000686>, a multi-line financial services firm serving institutional and individual clients, today said it will raise up to RMB 4 billion via a private placement in order to replenish working capital.

In a statement filed with the Shenzhen Stock Exchange, the company will issue up to 340 million shares at a price of RMB 11.79 apiece to several selected investors.

The issuer's largest shareholder Jilin Yatai (Group) Co Ltd<600881> with a 30.71% stake will subscribe between RMB 1 billion and RMB 1.23 billion worth of shares in the offering.

Jilin Trust Co Ltd, the issuer's second largest shareholder, intends to invest RMB 350 million in the private placement.

Northeast Securities suffered a net loss of RMB 45.29 million in January 2012, which is the sixth consecutive monthly loss. Last month, the company's operating revenue declined 11.21% month on month to RMB 14.73 million.

As of January 31, 2012, Northeast Securities had RMB 3.01 billion in net asset, sources reported.

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