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Oceanwide Financial Strongly Increases Its Capital

Oceanwide Financial Strongly Increases Its Capital 2017-12-19 15:44:06
Establishing an Industry-leading International Financial Platform

HONG KONG, Dec 19, 2017 - (ACN Newswire) - On December 19 2017, China Oceanwide International Financial Limited ("Oceanwide Financial", stock code: 952.HK) is pleased to announce to raise approximately HK$18.25 billion by way of a rights issue on 3 for 8 basis. Last day of dealings in nil-paid Rights Shares is expected to be 15 February 2018, before Chinese New Year.

In accordance with our company's strategic development, 40% of the funds raised is designated to support and expand our group's securities business including brokerage and margin financing, asset management, wealth management and insurance brokerage; 20% is to expand the structured finance business, institutional sales and capital markets capabilities; 10% is planned to develop the proprietary trading business, such as investments and trading in equities and fixed-income securities and assets as well as derivatives; 30% is planned to strategic acquisition/establishment of investment banking assets in different geographical areas with an initial focus on South East Asia as well as for complementary non-bank financial businesses and for the usage as general working capital. The use of proceeds may be adjusted based on the development of our group's business.

Oceanwide Financial, as a financial platform that based in Hong Kong and serving the world, has considerable strength in brokerage, loans, corporate finance, asset management, financial media and investment business. The substantial increase in capital will enhance our relative competitiveness. And we expect all areas of our businesses to develop and we will continue to promote the welfare of our shareholders. Our goal is to become a leading international financial platform in the industry.

For further enquiries, please contact:

Oceanwide Financial IR

Ms: Rosa Yan

Tel: (852) 2847 2201


Topic: Press release summary

Sectors: Daily Finance, Daily News

From the Asia Corporate News Network

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