BEIJING, Dec 22 (Reuters) - China Development Bank Corp (CDB), the country’s biggest policy bank, said late on Wednesday its securities arm has raised more than 3.6 billion yuan ($518.27 million) from two strategic investors, potentially paving the way for a market listing.
The funds raised from China General Nuclear Capital Holdings and Hubei Provincial Communications Investment Group will be used to supplement capital and assist in business expansion, CDB said in a statement.
China General Nuclear Capital Holdings is a wholly-owned subsidiary of China General Nuclear Power Group, one of the country’s biggest government-owned conglomerates.
The deal “lays the important foundation for (CDB Securities’) future restructuring and a market listing”, the policy bank said.
IFR, a Thomson Reuters publication, reported in February last year that CDB Securities was planning to raise $500 million yuan to $1 billion yuan through a Hong Kong initial public offering.
$1 = 6.9462 Chinese yuan renminbi Reporting by Shu Zhang and Matthew Miller; Editing by Stephen Coates