Haiwen Leads Guotai Junan's $4.9B China Listing
The Shanghai-based brokerage is the country's largest IPO since Agricultural Bank of China's $10 billion Shanghai listing in 2010.
June 17, 2015 at 02:49 AM
2 minute read
China's Haiwen & Partners is guiding state-owned brokerage Guotai Junan Securities Co. Ltd. on its $4.9 billion Shanghai listing, China's largest initial public offering in five years.
The deal will exceed China Everbright Bank's $3.6 billion IPO in 2010 and rank behind only Agricultural Bank of China and its $10 billion Shanghai listing that same year.
Shanghai-based Guotai Junan is the latest Chinese brokerage to tap the capital markets to fund its margin-lending business, which has been fueled by rally in Chinese stocks. In May, Huatai Securities Co. raised $4.5 billion in a Hong Kong listing, following a $3.6 billion IPO by GF Securites Co. Ltd. and a $3.1 billion follow-on offering by China Galaxy Securities Co. Ltd. In Shanghai, Orient Securities Co. Ltd. raised $1.6 billion in an IPO in March.
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