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GF Securities takes order for HK IPO
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GF Securities, China’s fourth largest brokerage, opened subscription of its initial public offering in Hong Kong today, joining a fundraising frenzy by Chinese brokerages.
The subscription, which is open until March 30, is offering 1.48 billion H shares with a price range between HK$15.65 (US$) and HK$18.85 per share, the brokerage said in a filing to the Hong Kong Stock Exchange today. Shares will start trading on the exchange 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 estimated that it would receive net proceeds of HK$24.8 billion based on an estimated offering price at HK$17.25, the mid-point of the price range.
The brokerage said it would use 50 percent of the proceeds to fund wealth management business, primarily the margin financing and securities lending businesses. The rest of them will be used to boost businesses including investment banking and institutional client services as well as international expansion.
Headquartered in south China's Guangdong province, GF got listed on the Shenzhen Stock Exchange through a back-door listing in 2010.
Its yuan-denominated A shares fell 1.1 percent to 26.10 yuan (US$4.2) as of 11:30 am today.
GF reported a net profit of 5 billion yuan in 2014, a 79 percent growth from a year earlier, thanks to increased margin financing businesses and active stock trading in the A share market that greatly boosted its commission income.
GF’s deal came as the latest in a string of fundraising by Chinese brokerages, including Orient Securities’ 10-billion-yuan IPO earlier this month, Dongxing Securities’s 4.59-billion-yuan IPO last month and Guosen Securities’s 7-billion-yuan share sale in December.
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