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Hotly pursued Guosen soars on debut
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SHARES of Guosen Securities Co, China’s seventh-largest brokerage by total assets, soared on its debut yesterday as investors pursued stocks in a sector that has been the catalyst for the current stock market rally.
The stock leapt by 44 percent, the maximum allowed for first-day trading, to close at 8.40 yuan (US$1.35) on the Shenzhen Stock Exchange yesterday following a half-hour trading halt.
The 7 billion yuan initial public offering, the largest flotation in the A-share market since 2011, helped fuel a rally of brokerages and banks, which has driven the Shanghai and Shenzhen indexes up nearly 30 percent in the past two months.
Shenzhen-based Guosen priced its IPO at 5.83 yuan, below the range of 15 yuan to 18 yuan suggested by CITIC Securities and Northeast Securities.
“The listing will largely boost Guosen’s margin financing and securities lending businesses that have been restrained by capital shortage,” CITIC said in a report.
Guosen, whose business scope includes stock and bond trading and underwriting, posted a 55 percent year-on-year jump in its net profit between January and September. Profit is expected to surge 60-90 percent this year, the brokerage said in its IPO prospectus.
Other Chinese brokerages are also seeking to raise capital for business expansion.
CITIC, China’s biggest brokerage by market value, said yesterday that it plans to sell 1.5 billion shares to up to 10 investors in a private placement in Hong Kong to raise funds that will be used to develop margin trading and other intermediate business.
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