(Yicai Global) Aug. 31 -- China's largest securities brokerage Huatai Securities has rearranged its boardroom after bringing onboard five new shareholders related to a CNY14.2 billion (USD2.1 billion) private placement.

Huatai will bring in strategic shareholder representatives to serve as directors, the Nanjing-based firm said in a statement. Five directors, namely, Pu Baoying, Chen Ning, Gao Xu, Xu Feng and Zhou Yong have submitted their resignations to make way for the new members.

Two of the newly nominated directors, Ding Feng and Chen Yongbing, have a background in state-owned assets. Ding has been general manager of Jiangsu Guoxin Investment Group's financial department since March, while Chen has served as director of investment development at Jiangsu Communications Holdings since January.

Another new addition Hu Xiao is currently the director of strategic investments at Alibaba Group Holding, while Fan Chunyan is vice president of Suning Retail Group. The fifth new appointment is Zhu Xuebo, an executive at Huatai Securities, who has served as deputy secretary of Huatai Securities Party Committee since March 2013.

Notably, four of the five new directors will not receive remuneration for their roles. Only Zhu Xuebo, as an executive director, will receive payment for his position.

The major change is directly related to a private placement completed not long ago. Huatai issued 1 billion shares at a price of CNY13.05 (USD1.94) each. The firm raised CNY14.2 billion and brought in Alibaba, Suning and state-backed China Structural Reform Fund as new shareholders.

This capital increase directly replaced four of the company's top ten shareholders. Alibaba becomes the sixth-largest shareholder with a 3.25 percent share, while Suning Group holds 3.15 percent.

Editor: William Clegg