brokerage

Retail investors take 30% of the base deal, prompting a squeeze in the institutional order book even though the Chinese brokerage comes at a relatively tight discount to Haitong Securities.

Andrew Lawrence and Mark Kellock join from Barclays to head up this research. Also, CIMB beefs up Singapore coverage with one new hire and transfers from Hong Kong.

Six cornerstones, including Malaysia’s Khazanah, have agreed to buy $280 million worth of shares in the offering, which looks set to become the second largest IPO in Hong Kong so far this year.

The company is aiming to raise up to $1.5 billion to become the second largest Hong Kong listing this year after Sinopec Engineering, which is also pre-marketing at the moment.

The engineering and construction arm of Asia’s largest refiner will start pre-marketing for an IPO of about $1.5 billion tomorrow. Meanwhile, Galaxy Securities delays its planned launch as CSRC approval and cornerstones aren’t yet in place.

Devesh Kumar will lead a 60-strong team offering investment banking, equities brokerage and research.

The sale comes after the stock has gained about 28% since last year’s IPO in which PAG participated as a cornerstone investor.

The US asset manager raises a combined $552 million from two transactions, which were completed on the same night that AIG was in the market selling AIA shares.

CLSA and Asia Plus Securities will jointly cooperate on equity capital markets deals and M&A advisory.