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.
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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) </div>
<div style="text-align:left;"> 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) </div>

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 investors.

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