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Everbright Securities’ Private Placement Blocked on China Probe

Everbright Securities Co.’s plan to raise as much as 8 billion yuan ($1.3 billion) in a private share placement was blocked by the securities regulator after it started investigating the firm.

Listed companies that are under investigation won’t be allowed to conduct private placements, the China Securities Regulatory Commission said in response to a question about Everbright Securities’ approved offering, according to a statement on the watchdog’s website yesterday.

The securities regulator in May handed out punishments to Ping An Securities Co., Minsheng Securities Co. and Nanjing Securities Co., as it seeks to combat fraud. The CSRC plans to resume IPO approvals, which have been suspended since October, after rules aimed at improving investor protection take effect.

Everbright Securities was informed by the CSRC last month that it’s being investigated in relation to Henan Tianfon Energy-Saving Panel Science & Technology Co.’s initial public offering. The regulator had approved Everbright’s private placement in May.

A call to Everbright Securities Board Secretary Mei Jian’s office after normal business hours yesterday wasn’t answered.

Everbright Securities’ shares fell 1.6 percent to close at 11.03 yuan in Shanghai trading yesterday, extending this year’s decline to 22 percent. The benchmark Shanghai Composite index has fallen 11 percent in 2013.

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