Major Chinese Securities Firm to Expand Equity CapitalHaitong Securities Co., Ltd., a major securities firm in China, was recently gained a permit by the China Securities Regulatory Commission to expand its equity capital from one billion to 3.36 billion yuan.After the expansion, the company will become the second largest stockbrokers-dealer in China, after Guotai-Jun'an, which boasts 3. 7 billion yuan in equity capital. According to the latest figures released by the Securities Association of China, the company is the country's second largest securities firm in terms of profits in 1999, the eighth in terms of net assets, and fourth in terms of trading value brokered. Since early 1999, Chinese regulators have approved more than a dozen securities companies to raise their equity capital by an aggregate of more than 10 billion yuan. |
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