SHANGHAI/HONG KONG : Chinese brokerages are in a race to raise billions of dollars in capital to meet regulatory requirements, jumping on a market upturn to bolster operations as they brace for tougher competition from Wall Street banks on their home turf. Chinese equities have rebounded more than 10 per
SHANGHAI/HONG KONG : Chinese brokerages are in a race to raise billions of dollars in capital to meet regulatory requirements, jumping on a market upturn to bolster operations as they brace for tougher competition from Wall Street banks on their home turf.
At least six listed brokerages - including China International Capital Corp and Huatai Securities - are seeking to sell new shares in private placements or rights issues to raise up to 82.5 billion yuan , according to calculation based on their exchange filings. "The market revival is good news for brokerages as they can choose to sell additional shares at a better price," said Xia Chun, chief economist at Shanghai-based wealth manager Yintech Investment Holdings.
In addition, quality liquid assets must exceed net cash outflows for the next 30 days, while a brokerage should also have adequate, stable capital base, the regulator has said.
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