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 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, but far less aggressive than Everbright Securities, which came 60.5% through in mid-August. The latter has paid the price for egging the mix since then, trading down 9% from its HK$12.68...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222