Mainland brokerages are expected to inject new life into the country’s sluggish private-equity sector after the regulator waived rules to help them diversify their revenue sources.

Citic Securities, the mainland’s largest brokerage, said it would raise up to 10 billion yuan (HK$ 12.3 billion)for a buyout fund to be operational in mid-November, according to a report by Bloomberg that cited its general manager Cheng Boming.