Tianfeng Securities Names CFO

State-owned Hubei Hongtai Group is set to increase its stake in Tianfeng Securities via a cash subscription for newly issued shares, according to a Tuesday filing with the Shanghai Stock Exchange.

The move is expected to boost Hongtai Group and its concerted action party Wuhan State-owned Capital Investment and Operation Group's stake in Tianfeng Securities to more than 30%, triggering a mandatory tender offer.

However, Tianfeng Securities has secured an exemption from this requirement.

Hongtai Group holds a 28% stake in Hubei Energy Group .

Tianfeng Securities completed the filing for the issuance of A shares with the Shanghai Stock Exchange, according to a bourse filing on Tuesday.

The Chinese securities broker will proceed to handle the registration and custody of the newly issued shares.

Tianfeng Securities expects to raise 4 billion yuan from the issuance of shares, according to a Thursday filing with the Shenzhen Stock Exchange.

About 1.50 billion shares will be issued to up to 35 investors, the Chinese securities broker said.

The proceeds will increase the company's capital, supplement its operating funds, and pay debts.

The issuance will not change the controlling shareholder of the company.

The company's shares rose less than 3% in recent trade.

Tianfeng Securities expects to either record an attributable loss of up to 34 million yuan or up to an attributable profit of 12 million yuan in 2024, according to a Shanghai Stock Exchange filing on Saturday.

The Chinese securities broker's year-ago attributable profit was 307.2 million yuan or 0.04 yuan per share.

The company's shares fell less than 4% in recent trade.

Hubei Sinophorus Electronic Materials (SHA:688545) offered 100 million shares during its initial public offering on the Shanghai Stock Exchange.

The electronics chemicals manufacturer's share capital is seen to rise to 360 million shares following the issuance, accoring to a Jan. 3 filing with the bourse.

Tianfeng Securities is the sponsor and lead underwriter, while Huaying Securities and Guotai Junan Securities are the joint lead underwriters.