Sep. 10, 2008 (China Knowledge) - China Securities Regulatory Commission (CSRC) said on Monday that it has approved China Merchants Securities' plan of listing on the Shenzhen Stock Exchange before October, sources reported.

The nation's eighth largest brokerage by transaction volume plans to issue 358.55 million A-shares, representing around 10% of its enlarged equity, and the proceeds will be used to replenish its working capital.

The company did not disclose the amount of money it aims to raise from the offering.

According to earlier reports, the Shenzhen-based company has mandated domestic brokerage arm of Goldman Sachs<GS> and UBS AG<UBS> as underwriters for the offering.

In March, another China's major securities broker Everbright Securities Co Ltd had secured regulatory approval for its A-share IPO application.