Citic Securities, China’s largest brokerage, has raised $1.7bn in Hong Kong as investors’ interest in China’s growing capital markets trumped the market’s recent malaise.
Shares were priced at HK$13.30, the midpoint of the initially announced price range, and the deal was oversubscribed, according to bankers on the deal.
Recent weeks have seen many other Hong Kong listings postponed because of the tumultuous market. Last week, Sany Heavy Industry, a construction machinery company known as China’s Caterpillar, postponed its $3.3bn listing, as did XCMG, a competitor to Sany that had been looking to raise up to $1.5bn.
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