China Development Bank Corp (CDB), the country’s biggest policy bank, said its securities arm raised more than 3.6 billion yuan ($518.27 million) from two strategic investors, potentially paving the way for a market listing.
The bank said that 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.
It also said that the deal lays the important foundation for its future restructuring and a market listing.
In February 2015, CDB Securities said it was planning a Hong Kong initial public offering.