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China Merchants Securities offering secures 11 cornerstone investors

By Reuters | China Daily | Updated: 2016-09-27 07:51

Shanghai-listed China Merchants Securities has secured 11 cornerstone investors to take up $836m of shares, or about 63% of its Hong Kong IPO of HK$10.3b-$11.4b ($1.33b-$1.47b) at the bottom of the indicative price range.

The investors are: PICC Life (333m shares), Chow Tai Fook ($50m), East Pacific ($50m), China Life ($30m), China Reinsurance ($40m), Ma Huateng, chairman of Tencent ($30m), Fosun International ($30m), State Grid Corp ($30m), Yunnan Metropolitan Construction Investment (S$30m), Legit Value ($30m), South Industries Asset Management ($20m).

The Chinese brokerage is selling 891m shares at an indicative price range of HK$11.54-$12.78, representing a 2016 price/book of 1.1-1.2.

China Merchants Securities offering secures 11 cornerstone investors

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