China Merchants Securities prices IPO

China's eighth largest brokerage by assets achieves mid-range price in the face of challenging markets for brokerage stocks.

China Merchants Securities prices IPO

China Merchants Securities priced Hong Kong's third largest initial public offering of the year on Friday, raising HK$10.7 billion $1.38 billion from a deal, which priced just below the mid-point of its indicative range at HK$12 per share.

The 891.27 million share deal pre-greenshoe priced 37.5% through its HK$11.54 to HK$12.78 range.

This is a higher level than Orient Securities, which came 20% through in late June...

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