Galaxy dips as broker eyes A-share offering
Print Edition
Shares of China Galaxy Securities, the country’s sixth-biggest brokerage by revenue, dipped in Hong Kong yesterday as it sought an A-share offering.
State-owned Galaxy plans to sell up to 1.69 billion shares on the Shanghai Stock Exchange, representing no more than 18.4 percent of its share capital after the proposed issuance, it said in a filing to the Hong Kong stock exchange over the weekend.
The proceeds will be used to strengthen its capital base and replenish working capital, the Beijing-based brokerage said. Galaxy shed 0.61 percent to HK$4.88 (63 US cents).
The proposed A-share offering is still subject to approval from the China Securities Regulatory Commission and other regulatory authorities.
The brokerage raised US$1.1 billion in an initial public offering on the Hong Kong exchange last May.
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