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Founder Securities set to go public in 2009

By Xu Shenglan (chinadaily.com.cn)
Updated: 2009-02-27 14:09

Founder Securities is seeking a listing in the Chinese stock market, Chairman Wei Xin of Founder Group told China Securities Journal.

Related readings:  Credit Suisse, Founder approved to launch securities JV  Credit Suisse cuts 5,300 jobs worldwide  Credit Suisse China JV to launch new fund - paper

"The company has capital of 6 billion yuan and assets of 7 billion yuan, which are qualified for a mainland listing," said Wei. "We hope to go public within this year."

Founder Securities has formed a joint venture named Credit Suisse Founder Securities Ltd with Credit Suisse. The JV, 66.7-percent owned by Founder Securities, has a registered capital of 800 million yuan.

Credit Suisse is the first foreign financial group to embark on the securities business on the mainland. The JV mainly engages in sponsoring and underwriting of A-shares, as well as government and corporate bonds in China.

The JV had underwritten three corporate bonds and it said it will underwrite more bonds, proceed with an initial public offering and other projects in 2009.