Does the Citic Securities offering show the A-share market is topping off?
In a move some domestic commentators describe as opportunistic, Citic Securities seeks to raise $3 billion from a placement of A-shares.
Citic Securities, the first of ChinaÆs securities companies to list, launched a $3 billion new share offer on Thursday, priced at Rmb74.91 per share, a 16% discount to WednesdayÆs close. The deal is due to close on Monday August 27.
ôThis is good timing by Citic Securities. I think they feel they are at the top of the market and are driven by timing rather than strategic objectives,ö says one domestic security analyst.
The companyÆs share price has gone...
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