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4 months ago
Broker Guotai Junan set for flat HK debut after $2.1 bln share sale
April 11, 2017 / 1:30 AM / 4 months ago

Broker Guotai Junan set for flat HK debut after $2.1 bln share sale

HONG KONG, April 11 (Reuters) - Shares in Guotai Junan Securities Co Ltd were set to open flat in their Hong Kong debut on Tuesday, after China's third-largest brokerage by assets raised $2.1 billion to expand its institutional client business and open retail branches.

Guotai Junan was indicated to open at HK$15.84, the same as its share sale price of HK$15.84 for the rare fixed-price stock offering. The benchmark Hang Seng index was poised to open flat.

Demand from retail investors - who have a significant influence over first-day trading in Hong Kong share offerings - accounted for just 3.6 times the number of shares on offer in the Guotai Junan deal, the company said in a filing on Monday, while the institutional tranche was well oversubscribed. (Reporting by Elzio Barreto; Editing by Stephen Coates)

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