China Merchants Securities launched Hong Kong's third largest initial public offering of the year on Monday after opening books for an HK$10.28 billion to HK$11.390 billion $1.327 billion to $1.47 billion offering.
On completion, the 891.273 million primary share deal will also rank as the largest brokerage sector flotation of the year, surpassing Everbright Securities, which raised $1.15 billion in mid-August and Orient Securities, which raised $1.005 billion in late June according to Dealogic figures.
But timing is everything and while the parent holds the distinction of being China's first joint stock company founded the Xing dynasty's star government official Li Hongzhang...
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