CITIC Securities Co may trade its shares in Hong Kong or other
overseas markets to become more international, said its spokesman
yesterday.
"Listing in Hong Kong or other markets is a possible strategy to
make us stronger," said Raymond Tang, spokesman of CITIC
Securities, during a telephone interview. "But we don't have
detailed plans for it at the moment."
The Financial Times earlier reported that CITIC
Securities is considering listing in Hong Kong, citing its chairman
Wang Dongming.
As Asia's largest brokerage by market value, CITIC Securities is
seeking various ways to support its global strategy and prepare for
fiercer competition after China opens the market to foreign
participation.
Last week, CITIC Securities said it will add US$450 million to
Hong Kong-based CITIC Securities International Co Ltd and make it a
wholly-owned subsidiary to expand its overseas business.
Earlier this month, CITIC Securities announced that it had
reached a preliminary strategic agreement with the US investment
bank Bear Stearns Co Inc.
CITIC Securities reported a net profit of 4.16 billion yuan
(US$560 million) in the third quarter, up 558.22 percent compared
with the same period last year.
(Shanghai Daily November 27, 2007)
