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Western Securities debut in Shenzhen Stock Exchange

May. 3, 2012 (China Knowledge) - Western Securities Co<002673> has said that it would start trading on the Shenzhen Stock Exchange today.

Xi'an, Shaanxi Province-based Western Securities raised RMB 1.74 billion through an initial public offering on the Shenzhen bourse.

The company issued 200 million A shares, equivalent to 17% its enlarged share capital, at RMB 8.7 apiece in the deal.

The brokerage firm plans to use the proceeds from the offering to replenish its working capital.

Western Securities has already set up a fund management joint venture with Bank of New York Mellon Co. The Chinese company holds a 51% stake in the JV.
The company opened at RMB 14.46 on the Shenzhen debut, 66.21% higher than its IPO price.

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