Tianfeng Securities plans $4000m share placement to controlling shareholder

Tianfeng Securities (SSE:601162) has announced plans for a private placement of A-shares targeting a single investor: its controlling shareholder, Hubei Hongtai Group. The offering, subject to regulatory approvals, seeks to raise up to CNY 4,000,000,000. The shares will be priced at CNY 2.73 each, a price established based on a formula considering the average trading price and net asset value. Hubei Hongtai Group is committed to subscribing for the full amount in cash.