HONG KONG, Oct 7 (Reuters) - Shares in China Merchants Securities Co Ltd, a brokerage controlled by state-owned conglomerate China Merchants Group Ltd, were set to open flat in their Hong Kong debut on Friday, after its IPO raised $1.4 billion.
China’s eighth largest brokerage by assets was indicated to open at HK$12.12, versus the IPO price of HK$12.00. The deal had been priced slightly below the middle of its indicative range.
Eleven cornerstone investors, including PICC Life, Chow Tai Fook and Fosun International, took up about 60 percent of the deal, Thomson Reuters publication IFR reported.
The proceeds will be used to supplement capital for business development in both domestic and overseas markets. (Reporting by Julie Zhu and Donny Kwok; Editing by Edwina Gibbs)