(Yicai Global) Aug. 9 -- Everbright Securities Co. [SHA:601788] has attracted eight cornerstone investors to its initial public offering of 680 million shares in Hong Kong that could raise as much as HKD9.02 billion (USD1.16 billion).
Cornerstone investors include China Life Insurance (Group) Co., US-based Prudential Financial Inc., and Dazhong Transportation Group Co., a Chinese taxi firm. Everbright is the second mainland securities firm to plan a Hong Kong listing this year after Orient Securities Co. [HKG:03958, SHA:600958].
Everbright's IPO differs from the 'A+H' listing, or joint A-share and H-share floats, favored by other Chinese securities companies. The Shanghai-based brokerage plans a spin-off listing of existing business under Everbright Securities (International) Ltd. and Sun Hung Kai Financial Ltd., and other of its businesses between Jan. 1, 2017, and June 1, 2018.
Everbright said 35 percent of the proceeds from the sale of shares would be used to develop its capital intermediary business. Another 35 percent would go to support overseas business and non-endogenous expansion through onshore and offshore platforms, 20 percent for wealth management and institutional securities services and the remaining 10 percent for general purposes.