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Industrial Securities seeks domestic share listing
By Lu Jianxin and Jacqueline Wong |
July 24, 2009, Friday
|
Print Edition
Print Edition
INDUSTRIAL Securities, a mid-sized Chinese brokerage, is eyeing a 5 billion yuan (US$732 million) domestic initial public offering and has hired UBS AG's China investment banking venture as the lead underwriter, Caijing magazine reported yesterday.
The brokerage, based in the southeastern Chinese province of Fujian, hopes to raise funds to supplement operational capital, the magazine said on its Website.
"As the listing plan has just started, concerned parties cannot give an accurate timetable for the IPO," it said.
Industrial Securities' officials were not immediately available for comment.
Its recently published interim earnings results showed it made a net profit of 545 million yuan in the first half of this year on operational revenue of 1.41 billion yuan, with net assets at 4.4 billion yuan by the end of June.
China has eight listed brokerages on its mainland, but only one, CITIC Securities, went public by floating IPO shares. Six others chose back-door listings via acquisitions of listed companies and the other transformed itself into a brokerage from a previous trust firm.
Among other brokerages considering IPOs, Everbright Securities and China Merchants Securities have won initial regulatory approval to list and are set to launch their IPOs as soon as next week.
The brokerage, based in the southeastern Chinese province of Fujian, hopes to raise funds to supplement operational capital, the magazine said on its Website.
"As the listing plan has just started, concerned parties cannot give an accurate timetable for the IPO," it said.
Industrial Securities' officials were not immediately available for comment.
Its recently published interim earnings results showed it made a net profit of 545 million yuan in the first half of this year on operational revenue of 1.41 billion yuan, with net assets at 4.4 billion yuan by the end of June.
China has eight listed brokerages on its mainland, but only one, CITIC Securities, went public by floating IPO shares. Six others chose back-door listings via acquisitions of listed companies and the other transformed itself into a brokerage from a previous trust firm.
Among other brokerages considering IPOs, Everbright Securities and China Merchants Securities have won initial regulatory approval to list and are set to launch their IPOs as soon as next week.
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