Pacific Securities Plans CNY5bn Share Placement

Shanghai-listed Pacific Securities Co., Ltd. plans to place not more than 500 million shares to maximum 10 selected institutional investors at a price of no less than CNY 10.28 per share.

According to its February 16 announcement, the company hopes to raise maximum CNY 5 billion from the private share placement, which will be used to replenish its capital base and expand business.

The share placement scheme has been approved by the brokerage's board of directors and is subject to approval of general meeting and the China Securities Regulatory Commission.

Pacific Securities pre-announced unaudited operating revenues of CNY 31.7 million in January 2011 and lost CNY 537,600. It obtained about CNY 204 million net profit in 2010, down 49.73% year on year. Last year's operating revenues slid 19.21% to CNY 675 million and operating profit fell 39.75% to CNY 244 million.

Its shares closed up 4.53% at CNY 12.22 per share on February 16.