Shares of CITIC Securities Co. Ltd., one of China's largest investment banks, surged over 10% on Tuesday after the company's subsidiary issued $18 million in medium-term debt securities.
According to a filing, CSI MTN, an indirect CITIC Securities subsidiary, issued the bonds as part of a larger $3 billion debt program launched in March 2022. CITIC Securities International, another CITIC Securities unit, is guaranteeing the debt issuance.
The successful debt issuance was viewed positively by investors, with CITIC Securities' shares soaring 9% in Hong Kong and 7% in Shanghai during afternoon trading. The stock's strong performance indicates market confidence in the securities firm's financial strength and ability to raise capital.
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