Shenzhen-listed Northeast Securities announced on Saturday a plan to collect no more than 15 billion yuan in private placement.

The company would sell between 150 to 300 million shares to no more than 10 institutional investors. The price would be no less than 46.49 yuan per share, said the statement.

The money raised from the stock sale would be used to replenish capital and expand services, including service networks building, securities-related assets acquisition and the introduction of option and derivatives services, said the company.