BEIJING, May 10 -- CITIC Securities Co. Ltd., China's first brokerage to go public, plans to sell additional shares through private placements, becoming the first mainland firm to announce a stock sale after a year-long nationwide ban was lifted.

    CITIC Securities, an arm of top Chinese financial conglomerate CITIC Group, will issue 500 million domestic shares to raise at least 4.2 billion yuan (US$525 million) to boost capital for expansion, a company official said yesterday.

    "It will be by private placement and the price will be at least 8.37 yuan a share," said investor relations manager Zheng Jing, adding the company will soon release a detailed announcement.

    "The board approved the plan today and will seek shareholder approval in the near future."

    Industry sources close to CITIC Securities said that 10 institutional investors, including large State-owned firms, could buy the shares.

    Shares of CITIC Securities were suspended Monday after a week-long holiday, the company said earlier without giving any details. The stock last traded at 11.8 yuan a share April 28.

    Beijing issued new rules Sunday which allowed companies to resume raising capital Monday. The government had halted fund-raising, including rights share issues and initial public offerings, on domestic exchanges last May to pave the way for reforms to convert US$250 billion in nontradable shares in listed companies into regular tradable stock.

    (Source: Shenzhen Daily/ Agencies)