Soochow Securities (601555.SH) announced that its application to raise no more than 4.8 billion yuan via private placement was given approval by the China Securities Regulatory Commission (CSRC), the top securities regulator, on Tuesday.
According to the Shanghai-listed broker's proposal, it will issue a maximum of 300 million shares at no less than 11.50 yuan per share. The raised funds will be used in replenishing operating capital, expanding business scale and optimizing business structure.
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