China Galaxy rides bull market with share sale

Chinese brokerage takes advantage of rising equity markets with Asia ex Japan's fifth largest deal of the year.

China Galaxy Securities has become the second mainland brokerage to raise funds through Hong Kong’s private placement market, executing a HK$23.92 billion $3.1 billion deal on Monday.

The transaction represents Asia ex Japan’s fifth largest equity deal of the year.

And it appears to have been well timed, coming ahead of a long list of Chinese financial institutions all seeking to raise billions of dollars in equity financing to expand their businesses while markets are booming.

The brokerage has followed Haitong Securities lead by utilising a private placement structure that involves placing stock with a limited number of investors. Back in December, Haitong...

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