Broker opens subscription of IPO in HK
Print Edition
GF Securities, China’s fourth-largest brokerage, opened subscription of its initial public offering in Hong Kong yesterday, joining a fundraising frenzy by brokerages.
The brokerage is offering 1.48 billion shares priced between HK$15.65 (US$2) and HK$18.85 per share in the subscription which is opened until Monday, it said in a filing to the Hong Kong stock exchange yesterday. The IPO will start trading in Hong Kong on April 10.
“The offering is attractive as it’s priced at a more than 35 percent discount to its A shares,” Guotai Junan Securities said in a report.
GF Securities expects to reap net proceeds of HK$24.8 billion based on an assumed offering price of HK$17.25, the mid-point of the price range.
The brokerage said 50 percent of the proceeds will be used for the wealth-management business, margin financing and securities lending. The remaining proceeds will be used to boost investment banking, institutional client services and international expansion.
GF Securities followed other fundraising exercises by Chinese brokerages, including Orient Securities’ 10 billion yuan IPO earlier this month, Dongxing Securities’ 4.59 billion yuan IPO last month and Guosen Securities’ 7 billion yuan share sale in December.
GF Securities, based in Guangdong Province, went public on the Shenzhen Stock Exchange through a backdoor listing in 2010.
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