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China's Galaxy Securities seeks approval for $1.2 billion Shanghai listing
September 1, 2014 / 12:20 AM / 3 years ago

China's Galaxy Securities seeks approval for $1.2 billion Shanghai listing

SHANGHAI (Reuters) - China Galaxy Securities Co Ltd (6881.HK), one of the country’s largest brokerages, said it is seeking to raise about 7.6 billion yuan (0.74 billion pounds) in a Shanghai listing.

Galaxy, which has a market capitalization of $5.5 billion, plans to list in Shanghai and aims to sell 1.69 billion A shares, it said in its draft prospectus posted on the China Securities Regulatory Commission (CSRC) website late on Friday.

The HK-listed brokerage is aiming to raise 7.6 billion yuan on the Shanghai stock exchange, according to a Reuters calculation, based on its closing price converted to yuan.

Galaxy’s application to list is subject to CSRC approval.

China resumed listings and initial public offerings in January after a 14-month hiatus.

Other brokerages plan to tap China’s exchanges for funds, including Guotai Junan Securities Co Ltd, which has applied for an initial public offering in Shanghai that could raise nearly 22 billion yuan.

The Galaxy sale will be underwritten by CITIC Securities Co Ltd and China Securities Co Ltd.

(The story corrects headline, second para to show IPO needs CSRC approval.)

Reporting by Lu Jianxin and Engen Tham; Editing by Richard Pullin

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