Guotai Junan IPO under magnifying glass

The Chinese brokerage's Shanghai initial public offering is likely to be the mainland's largest in five years.

Guotai Junan Securities, China’s third-largest stock brokerage by assets, has kicked off an initial public offering in Shanghai, which is likely to rank as the country’s largest flotation in five years.

The deal has been launched into a market still digesting the news that US index provider MSCI will delay including A-shares in its Emerging Markets Index. However, mainland investors appear to be shrugging the decision off, with the Shanghai Composite Index closing down a modest 0.32% on Wednesday when the delay was announced.

On Thursday, the index was back on a rising trend again, up 0.30%.

Guotai Junan also filed its prospectus with...

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