Guotai Jun'an Securities starts flat in HK debut

By Leng Cheng | 15:13 UTC+8 April 11, 2017 |

Online Edition

SHARES in Guotai Jun'an Securities Co, the country's third largest brokerage, traded flat on the morning session of its debut day in Hong Kong, suggesting a wary appetite for industry as profit pressure lingers.

Shares little changed at HK$15.84 (US$2.04) at the close of its morning session, in line with their offer price shortly after market open.

Ranking behind CITIC Securities Co and Haitong Securities Co by assets, Guotai Jun'an raised about HK$16.5 billion from its initial public offering, the biggest in Hong Kong this year. Its floatation also marks the second-largest globally this year, behind the US$3.9 billion offerings of messaging app group Snap in the US.

About a dozen Chinese mainland securities companies have launched IPOs in Hong Kong in recent years in an effort to raise funds and boost their international exposure, including CITIC Securities and Ping An Securities Co.

Around 30 percent of the funds raised by Guotai Junan will be used for improving the brokerage’s financial institution business, while another 30 per cent will be allocated to expanding its individual financial service operations, according to the company’s documents related to the IPO.

Finance

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Guotai Jun'an Securities starts flat in HK debut

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