China Merchants Securities, Two Other Brokerages Prepare Hong Kong IPOs
Yicai Global
/SOURCE : Yicai
China Merchants Securities, Two Other Brokerages Prepare Hong Kong IPOs

(Yicai Global) Sept. 27 -- China Merchants Securities Co. and two other large mainland brokerages are gearing up for initial public offerings in Hong Kong.

Guotai Junan Securities Co. and China Securities Co. announced plans yesterday. Shenzhen-based China Merchants Securities, the investment banking and brokerage unit of state-owned China Merchants Group, said on Sept. 26 that it aims to raise USD1.47 billion.

2016 is proving to be a bumper year for mainland brokerages seeking listings in Hong Kong. The latest batch join Orient Securities Co. [HKG:3958], which debuted on July 8, and Everbright Securities, which raised USD1.1 billion last month.

Shanghai-based Guotai Junan Securities aims to secure close to USD2.59 billion in Hong Kong after raising USD4.8 billion in a Shanghai float last year, the country's biggest listing since 2010. Beijing-based China Securities is seeking as much as USD1 billion, according to media reports.

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