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The country's leading brokerage houses are gearing up to sell bonds in response to the recent regulatory decision to widen the sources of capital to help them ease their cash flow.

Shenyin & Wanguo Securities Co Ltd, one of the country's largest broking houses, said it has already submitted a bond sale application to the China Securities Regulatory Commission.

The application was submitted before the rule was announced on Saturday that permits domestic securities firms to float bonds starting on October 8 to either public investors or qualified corporate investors.

"The move will not only enhance the ability of domestic securities firms to compete with foreign counterparts, but also will enhance the development of the bond market," said Feng Guorong, president of the company. The firm did not reveal the details of the application.

Haitong securities Co Ltd, which has the largest capital among the country's brokerages at 8.73 billion yuan (US$1.05 billion), said it welcomed the news and is prepared to file an application.

"For sure, we will apply to sell bonds and actually everyone wants to do that. But we will discuss and research the issue before applying to the regulator," said Jin Wenlong, spokesman for the Shanghai-based company. "That will help to ease the financial burden on securities firms," he added.

Guangdong province-based China Southern Securities Co Ltd said its board has already approved a plan to sell bonds and the application has already been submitted.

Gf securities Co Ltd, another firm based in Guangdong Province, said it applied to raise 960 million yuan from selling a five-year bond with an annual yield of 3.9 percent to institutional investors.

Meanwhile, the threshold requiring at least a net asset value of 1 billion yuan before a broking house could sell bond has ruled out several firms which are facing tight liquidity.

Statistics showed only 40 out of the country's 130 securities firms are able to meet the requirement.

The amount of bond that could be sold will be limited to no more than 40 percent of the firm's net asset value.

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