Tianfeng Securities (SHA:601162) will raise up to 4 billion yuan from the issuance of shares, according to a Thursday disclosure on the Shanghai Stock Exchange.
The Chinese financial services provider will issue up to almost 1.50 billion shares.
The proceeds from the issuance will be used to fund the company's wealth management, and trading and investment businesses, as well as for paying debts, the disclosure added.
Shares of the company dropped more than 4% in recent trade.
Price (RMB): ¥2.34, Change: ¥-0.10, Percent Change: -4.10%
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