GF Securities prices $3.6b HK IPO

Chinese broker prices deal at top end amid upbeat sentiment towards rallying A-share market.
GF Securities' float benefitted from positive profit outlook for brokerage sector on the mainland
GF Securities' float benefitted from positive profit outlook for brokerage sector on the mainland

GF Securities has raised HK$27.9 billion $3.6 billion after pricing its Hong Kong initial public offering at the very top end of the indicative price range on Tuesday.

China’s fourth-largest broker by assets has executed the largest listing in Asia so far this year and could raise upto $4.1 billion post greenshoe.

The deal has generated strong demand from both institutional and retail investors who are taking the opportunity to buy into the soaring A-share market.  

The institutional book was covered on the first day after the deal launch and multiple times covered throughout the price range before pricing. The book attracted...

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