Lukewarm debut for Guotai鈥檚 IPO in HK
Print Edition
GUOTAI Junan Securities Co, China’s third-largest brokerage by assets, made a lukewarm debut in Hong Kong yesterday, reflecting a wary attitude from investors for an industry with lingering profit pressures.
Shares closed flat at the same level as its initial public offering price of HK$15.84 (US$2.04). The price fell below its issue price twice during the intraday trading.
“We are satisfied with the company’s debut performance, and believe the price will be fully reflected in the Hong Kong market in trading,” Reuters quoted Guotai’s Chairman Yang Dehong, as saying.
Concerns over volatility in China’s equity markets and a smaller-than-expected discount to the price of its Shanghai-listed stock curtailed demand for the deal, particularly from retail investors, analysts said.
The brokerage, also listed in Shanghai, tapped HK$16.5 billion in its Hong Kong IPO, the biggest in Hong Kong this year. Its float also was the second-largest globally this year, behind the US$3.9 billion IPO of Snap in the US.
Around 15 percent of the funds raised in its Hong Kong IPO will be used to grow the brokerage’s international business this year, documents showed.
- 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.
