Guangzhou Yuexiu Capital (SHE:000987) plans to sell no more than 1% of its holdings in CITIC Securities (SHA:600030, HKG:6030) through the secondary market, according to a Shenzhen Stock Exchange filing on Tuesday.
The net profit generated from the share sale will not exceed 50% of the company's audited net profit attributable to the parent in the most recent fiscal year, the filing said.
The financial services provider and its subsidiaries hold a total of 1.33 billion shares in CITIC Securities, accounting for 8.9% of the securities firm, as of Oct. 30.
CITIC Securities' Hong Kong shares fell more than 2% while its Shanghai shares dropped less than 3%.
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