Changjiang Sec plans 9 bln yuan share placement

SHANGHAI, April 25 (Reuters) - Changjiang Securities 000783.SZ, a mid-sized Chinese brokerage, said on Friday it plans to raise up to 9 billion yuan ($1.29 billion) through a private placement of between 300 million and 500 million new shares. The shares would be issued to no more than 10 institutional investors at a minimum price of 16.83 yuan each, it said in a filing with the Shenzhen stock exchange. Its stock last traded at 18.95 yuan.

The company said its shareholders would meet on May 12 to vote on the plan, aimed at boosting its capital and expanding its businesses, partly through acquisitions.

The plan would also require approval from the China Securities Regulatory Commission, the company added. It had obtained a backdoor stock market listing last year through a reverse takeover of Shijiazhuang Petrochemical Co.

The company's earnings surged 353 percent in 2007 as a booming stock market propelled its securities trading turnover, which jumped 404 percent to 1.52 trillion yuan, the 17th biggest among Chinese brokerages.

But most Chinese brokerages' earnings plunged in the first quarter because of a slump in the A share market, industry analysts said. ($1=6.985 Yuan) (Reporting by Charlie Zhu; Editing by Edmund Klamann)