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Listing defies defensive trend
Source: Bloomberg News |
September 28, 2011, Wednesday
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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.
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