Strong cornerstone support for Citic Securities' H-share IPO

Investors are attracted by the firm's big name and reasonable offer price. Sources say the institutional tranche of the $1.9 billion deal was two times covered on day one.

Strong cornerstone support for Citic Securities' H-share IPO
Citic Securities braves the challenging market environment in its quest to list in Hong Kong, but ensures half the deal is covered by cornerstones at launch (AFP)

Having helped hundreds of Chinese companies to list, Citic Securities knows what it takes to lure investors to a deal. And China’s largest brokerage is making good use of that as it is now looking to list in Hong Kong. The firm kicked off the institutional bookbuilding for a Hong Kong IPO of between HK$12.8 billion and HK$15.1 billion $1.6 billion to $1.9 billion on Friday and is said to have received strong demand from institutional...

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