The ICAC arrested nine people, including two senior executives of a publicly listed company, for alleged corruption in relation to the placement and purchase of the company's shares.

More than $1.5 million in suspected bribe money was also seized.

The operation, which began on July 9, also saw the arrests of a bank's senior director, a managing director of a division of a brokerage firm,  two securities companies' research analysts, a securities company's senior sales manager, a listed company's secretary, and one other individual.

ICAC enquiries revealed that the listed company's senior executives had allegedly offered bribes as rewards for the bank's senior director to purchase 6 million shares during the company's share placement earlier this month.

The company's senior executives were also alleged to have bribed the brokerage firm's managing director for purchasing 5 million shares last month.

It was alleged that the listed company's senior executives had also offered bribes to two research analysts of two securities companies for writing favourable reports on the listed company.

All those arrested have been released on ICAC bail. Enquiries are continuing.