BEIJING Dec 22 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
($1 = 6.9462 Chinese yuan renminbi)
(Reporting by Shu Zhang and Matthew Miller; Editing by Stephen