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Citic Securities Co said Friday it plans to raise 5.14 billion yuan ($803.7 million) by selling a 31% stake in its China Asset Management Co unit to three parties.
Stocks on the Chinese mainland rose for a third day as better-than-estimated US data eased concern the global recovery is faltering.
People's Bank of China (PBOC), China's central bank, injected a net 70 billion yuan ($10.95 billion) into the market through open market operations this week.
Chinese shares rallied for the third day in a row on Friday, led by media and entertainment stocks on expectations that the sector will see increased cinema sales during the summer season.
Hong Kong stocks gained 24.87 points, or 0.13 percent, at 19,620.01 on Friday.
China's stock index futures closed mixed on Friday with the contract for August, the most actively traded, up 0.09 percent from the previous trading day to 2,866.8 points.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, rose 10.81 points, or 1.18 percent, to close at 926.3 on Friday.
The Chinese currency Renminbi, or the yuan, gained 19 basis points to a record high of 6.3972 per $1 on Friday, according to the China Foreign Exchange Trading system.
China's stocks closed higher on Friday with the benchmark Shanghai Composite Index up 0.45 percent to close at 2,593.17.
The ongoing debt crisis in the US and Europe may force China to move faster on renminbi appreciation to mitigate the fallout on the domestic economy, experts say.
China's insurance sector has invested 10 billion yuan ($1.6 billion) in mutual funds and local stock markets, focusing mainly on banks and technology shares, following the recent market rout.
Market volatility and severe declines have reduced the attractiveness of many other investment options, so it's not surprising that investors are increasingly attracted to passion funds.
