Related News
Listing defies defensive trend
Source: Bloomberg News |
September 28, 2011, Wednesday
|
Print Edition
Print Edition
CITIC Securities, aiming to raise as much as US$1.9 billion in a Hong Kong stock offering, drew orders for more than three times the shares available to fund managers, sources said yesterday.
Individuals, however, placed orders for less than half of 1 percent of the offering, the sources said. The brokerage raised the bottom of its offering range to HK$13.30 (US$1.71) from HK$12.84 per share, the sources said. The top of the range remains the same at HK$15.20.
Citic Securities, listed in Shanghai, braved a market slump to proceed with the biggest Hong Kong share sale since Italian fashion retailer Prada raised US$2.5 billion in June. The Hang Seng Index has lost 17 percent since Prada's initial public offering was priced, and stock offerings have dwindled amid Europe's sovereign debt crisis.
Victoria Mio, a fund manager at the Hong Kong division of Robeco, said: "Retail investors are really concerned about volatility and what is going on in Europe and the US. Institutional investors take a longer-term view, thinking Citic Securities offers a way to gain exposure to the A-share market when valuation is at a historical low."
Citic Securities offered 995.3 million shares at HK$12.84-15.20 apiece, according to a prospectus. The bottom of the range was raised to reflect moves in the Shanghai price, the sources said.
The brokerage offered 49.8 million shares, or 5 percent of the total, to individuals while the rest was allocated to fund managers.
Individuals, however, placed orders for less than half of 1 percent of the offering, the sources said. The brokerage raised the bottom of its offering range to HK$13.30 (US$1.71) from HK$12.84 per share, the sources said. The top of the range remains the same at HK$15.20.
Citic Securities, listed in Shanghai, braved a market slump to proceed with the biggest Hong Kong share sale since Italian fashion retailer Prada raised US$2.5 billion in June. The Hang Seng Index has lost 17 percent since Prada's initial public offering was priced, and stock offerings have dwindled amid Europe's sovereign debt crisis.
Victoria Mio, a fund manager at the Hong Kong division of Robeco, said: "Retail investors are really concerned about volatility and what is going on in Europe and the US. Institutional investors take a longer-term view, thinking Citic Securities offers a way to gain exposure to the A-share market when valuation is at a historical low."
Citic Securities offered 995.3 million shares at HK$12.84-15.20 apiece, according to a prospectus. The bottom of the range was raised to reflect moves in the Shanghai price, the sources said.
The brokerage offered 49.8 million shares, or 5 percent of the total, to individuals while the rest was allocated to fund managers.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
