(Yicai Global) March 30 -- Minsheng Securities will relocate its headquarters to Shanghai from Beijing and try to boost its capital to the tune of CNY6.5 billion (USD916.6 million) by introducing a still undecided Shanghai-based state-owned investor, as well as via private placement.

The move its to support the brokerage's sustainable development goals, parent China Oceanwide Holdings said in a statement yesterday. By the deal, Oceanwide's stake should be pared to 58.6 percent from 87.7 percent, according to preliminary calculations.

The SOE, which has not been picked yet, should put down no more than CNY4 billion, paying CNY1.361 (19 US cents) apiece. The remaining lot sold via private placement will carry the same price tag per equity. 

Founded in 1986, Minsheng Securities has CNY9.6 billion in registered capital, its website shows. In 2018, it ranked as the 41st among Chinese brokerages based on net assets.

Oceanwide's shares [SHE: 000046] fell 1.2 percent to CNY3.97 (56 US cents) this afternoon.

Editor: Emmi Laine