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HONG KONG, Dec 19, 2017 - (ACN Newswire) - China Oceanwide International Financial Ltd ("Oceanwide Financial", HKG:0952) is pleased to announce raising approximately HK$18.25 billion through a Rights Issue, with 8 Rights Shares for each 3 issued shares, at the close of market today, December 19th, the Date of Record. The Final Day for nil-paid Rights Shares is February 15th, 2018, before Chinese New Year.
In accordance with the Company's strategies, 40% of the funds are to support and expand the Group's securities businesses, including brokerage and margin financing, asset management, wealth management and insurance brokerage; 20% used to expand our structured finance business, institutional sales and capital markets capabilities; 10% planned for developing the proprietary trading business, such as investments and trading in equities and fixed-income securities and assets as well as derivatives; and 30% for strategic acquisition or establishment of investment banking assets in different geographical areas, with an initial focus on SouthEast Asia, and complementary non-bank financial businesses, and for general working capital. The use of proceeds may be alter based on the Group's future business.
Oceanwide Financial, as a financial platform based in Hong Kong and serving the world, has considerable strength in brokerage, loans, corporate finance, asset management, financial media and investment businesses. The substantial increase in capital will enhance our relative competitiveness. And as we expect all areas of our businesses to develop, we will continue to promote the welfare of our shareholders. Our goal is becoming an industry-leading international financial platform.
Ms: Rosa Yan
Oceanwide Financial IR
T: +852 2847 2201
E: rosa.yan@oceanwidefinancial.com
Topic: Press release summary
Source: China Oceanwide International Financial Ltd
Sectors: Exchanges & Software, Daily Finance
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From the Asia Corporate News Network
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