Hong Kong ipo

Vanke to pick Citic Securities for H-share conversion

The Beijing-based brokerage firm is rumoured to have won the mandate for China Vanke's B-share to H-share conversion.
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Yu Liang, Vanke CEO, outside the company's Beijing headquarters
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<div style="text-align: left;"> Yu Liang, Vanke CEO, outside the company's Beijing headquarters </div>

China Vanke is likely to name Citic Securities as the main bookrunner for the transfer of its Shenzhen-listed B-shares to the Hong Kong Stock Exchange, according to sources.

Citic is currently acting as financial adviser to Vanke on the highly awaited conversion, but sources say the firm will take on a more significant role. A spokesperson at Citic declined to comment.

It will not be a lucrative deal for the Beijing-based brokerage, as Vanke is listing by introduction and not raising any new funds. However, helping China’s biggest residential property builder in its move to Hong Kong and managing one of the first B-share to H-share conversions...

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