Guotai Junan seeks $296 million from Hong Kong IPO

The Hong Kong arm of the Chinese brokerage firm will compete for investor attention with Agriculture Bank of China, which is set to start bookbuilding its H-share tranche tomorrow.

Guotai Junan Securities' Hong Kong division started bookbuilding yesterday for an initial public offering that could allow it to raise up to HK$2.31 billion $296 million.

The fact that the firm, known as Guotai Junan International, is launching its Hong Kong offering in the same week as Agriculture Bank of China's ABC massive IPO has triggered some concern that it will need to compete with the big lender for investor interest. ABC, which is expected...

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