- UAE Markets Seen Limit Down on Monday Open
- Dubai's Debt Woes Signal New Era for Creditors
- US Treasury Wants Banks to Do More to Ease Mortgages
- Fed Audit Would Hurt Economic Prospects: Bernanke
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Black Friday Sales Rise by 0.5%: ShopperTrak
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
Text Size 
China Merchants Securities said it will launch an IPO, worth around 10 billion yuan ($1.5 billion) according to Reuters calculations, this week and begin book building on Wednesday.
 |
AP |
The medium-sized brokerage, indirectly controlled by port-to-property conglomerate China Merchants Group, plans to issue up to 360 million A shares denominated in yuan as a domestic A-share initial public offering (IPO) on the Shanghai Stock Exchange.
The offer is equivalent to 10 percent of its expanded capital after the IPO, it said in a share issue prospectus on Tuesday.
China Merchants Securities will use the proceeds to boost its operational capital and expand in asset management, investment banking, broking and proprietary businesses, it said in the prospectus published in the official Shanghai Securities News.
The Shenzhen-based firm said it appointed Goldman Sachs Gaohua Securities, the Wall Street bank's mainland China joint venture, and Swiss bank UBS as lead underwriters.
China Merchants Securities will be only the third Chinese brokerage that will go public via an IPO.
China now has 10 listed brokerages, but only two, CITIC Securities and Everbright Securities, went public by floating IPO shares. Most others chose backdoor listings via acquisitions of listed companies.
Now a slew of other brokerages are considering IPOs as China's stock market, which has boomed for most of the past several years, is offering good opportunities for expansion.
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes