Guosen Securities to Be Halted Ahead of Refinancing PlanBloomberg News
Shares of Guosen Securities Co. will be halted from trading from Monday as the company is planning refinancing, according to a company filing to the Shenzhen Stock Exchange.
The brokerage, the seventh-largest in China, didn’t say when the stock will resume trading or provide further details in the statement, filed on Saturday. Shares have surged fivefold to 29.55 yuan as of Friday since the state-backed company raised about 7 billion yuan ($1.1 billion) in an initial public offering in December.
Chinese brokerages are raising capital as the nation’s world-beating equities market rally boosts trading income and fees. The benchmark Shanghai index has more than doubled in the past year.
Citic Securities Co. and Haitong Securities Co. have also announced financing plans. The nation’s securities regulator has pledged to ease curbs on the industry to promote growth.
— With assistance by Helen Sun