Linklaters, Freshfields Lead CITIC Securities $5B Share Sale
China's largest brokerage raised money for securities lending from the National Social Security Fund, the Kuwait Investment Authority, GIC Private Ltd. and others.
June 22, 2015 at 02:16 AM
2 minute read
Linklaters and Freshfields Bruckhaus Deringer had the lead roles on China's Citic Securities Co. Ltd.'s $5 billion share sale in Hong Kong.
On June 8, China's largest brokerage sold a single tranche worth $1.5 billion tranche to the National Social Security Fund, the country's state-run pension fund. A second $3.5 billion tranche, sold on June 15, went to sovereign wealth funds Kuwait Investment Authority and Singapore's GIC Private Ltd., China Cinda Asset Management Co. Ltd. and Yunfeng Capital, which is controlled by Alibaba Group Holding Ltd. chairman Jack Ma.
According to regulatory filings, Shenzhen-based CITIC Securities will use most of the proceeds from the sale to fund its business operations, including margin financing and securities lending. The deal brings CITIC in line with a group of Chinese brokerages expanding those businesses to capitalize on China's biggest stock rally since 2007, as the Shanghai and Shenzhen composite indexes are up 38 percent and 94 percent, respectively, so far this year.
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