China Merchants Sec rises 13 pct in Shanghai debut - News

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China Merchants Sec rises 13 pct in Shanghai debut

By: AFX | 16 Nov 2009 | 08:50 PM ET

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SHANGHAI, Nov 17 (Reuters) - China Merchants Securities Co, , which raised 11.1 billion yuan ($1.63 billion) in an initial public offering of shares in Shanghai, opened at 35.01 yuan in its first day of trade on Tuesday, up a weaker than expected 13 percent from its IPO price of 31 yuan. The opening gain fell short of market expectations, with some analysts projecting the shares could trade at 42 to 50 yuan on their first day of trade, and was modest compared with a 42 percent gain by Everbright Securities Co in its market opening when it debuted on Aug. 18. China Merchants Securities said that it would use the proceeds to supplement operational capital, including an expansion in asset management, investment banking, private equity investment, brokerage and proprietary businesses. Merchants Securities, controlled by port-to-property conglomerate China Merchants Group, has appointed Goldman Sachs's China joint venture, and Swiss bank UBS as underwriters for its Shanghai IPO. ($1=6.827 Yuan) (Reporting by Samuel Shen and Edmund Klamann; Editing by Jacqueline Wong) ((edmund.klamann@reuters.com; +86 21 6104 1799; Reuters Messaging: edmund.klamann.reuters.com@reuters.net)) Keywords: MERCHANTSSECURITIES/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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