Latham, Clifford Chance Advise on GF Securities $3.6B IPO
The Chinese brokerage ranks as the biggest initial public offering so far this year in Asia.
April 09, 2015 at 09:53 PM
2 minute read
Latham & Watkins has advised China's fourth-largest brokerage by total assets on its $3.6 billion initial public offering in Hong Kong.
GF Securities Co. Ltd. sold 1.48 billion shares at $2.34 each, making it the biggest IPO so far this year in Asia. The Guangzhou-based company, which also provides investment banking and asset management services to its clients, joins other Chinese brokerages such as Orient Securities and Haitong Securities to similarly tap the public market in recent months.
According to a prospectus, half of the IPO proceeds will go toward growing GF Securities' margin financing and securities lending business. The remainder will be used to expand overseas and further develop the company's asset management and investment banking divisions.
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