Broking

Shenwan Hongyuan aiming for magnificent 7th with IPO

Belatedly following six bigger rivals, the Shanghai-based brokerage is to tap the Hong Kong market for funding with the city’s biggest IPO so far this year. The timing could be propitious.

Shenwan Hongyuan Group launched on Thursday what is set to be the largest initial public offering in Hong Kong so far this year as the Shanghai-based brokerage seeks as much as HK$9.8 billion $1.25 billion to belatedly catch up with its bigger rivals.

The deeply-discounted transaction promises to give the Hong Kong primary market a boost after a lacklustre first quarter in first-time share sales. Although the total volume of IPO fundraising was only down 7% on the first three months of last year, the city failed to attract any deals worth more than $400 million for the first time in a decade.

A Hong...

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