China Merchants Securities' Hong Kong IPO to Raise $1.5 Billion
(Hong Kong) – China Merchants Securities Co., the investment banking and brokerage arm of state-owned conglomerate China Merchants Group, plans to raise $1.47 billion in a share issue in Hong Kong, while markets sputter due to a strong risk-averse sentiment.
CMC said on Sept. 26 that it will issue 891 million H-shares at an indicative price range between HK$11.54 to HK$12.78. Five percent of the shares will be reserved for retail investors. Trading of CMC shares in Hong Kong will begin on Oct. 7.
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