Embattled Anxin Trust Approved for $1.3 Billion Share Placement

Debt-laden Anxin Trust Co. Ltd. (600816.SH) won approval from China’s top securities regulator to raise as much as 9 billion yuan ($1.3 billion) through a private share placement as part of its long-pending restructuring plan.

Anxin was cleared to sell as many as 4.38 million shares at 2.06 yuan apiece to Shanghai Di’an Investment Management Co. Ltd., the company said Monday in a filing. Shanghai Di’an is a special purpose vehicle set up by local state-owned companies and the operator of a state-backed bailout fund for trust companies.