HONG KONG Oct 7 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