Orient sets price for $1.6b Shanghai IPO

The institutional book was over 80 times covered on hopes China's financial reforms will boost brokers' business.

Broker Orient Securities has set the price for its Rmb10.3 billion $1.6 billion Shanghai listing, China's biggest A-share initial public offering since 2011.

The price of Orient shares was set at Rmb10.03 per share, which values the whole company at  Rmb53 billion. 

The deal comes as Beijing hosts the annual plenary session of the National People's Congress which is setting out China's plans for reforming financial markets. Investors flocked to Orient Securities' IPO because they believe the financial reforms, such as speeding up China's IPO approvals, will ultimately boost brokers' revenues.

The benchmark Shanghai Stock Exchange Composite Index has surged 31% during...

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