HONG KONG — Citic Securities, China’s biggest listed brokerage, is planning to raise about US$1.5 billion in a Hong Kong share sale with a flotation of its shares as early as September, a report said Wednesday.
The firm will seek approval later this month for a listing in the southern Chinese city, Dow Jones Newswires reported, citing unnamed sources.
The Financial Times said the brokerage, which is already listed in Shanghai, planned to raise as much as $2 billion in its flotation.
A Citic spokesman could not be immediately reached to comment on the reports.
The planned share sale comes as some firms back off plans to list in Hong Kong, the world’s biggest IPO market last year.
A recent market meltdown has sparked fears that Hong Kong may see delays in some $19 billion worth of share sales from a dozen companies planning to list on the city’s exchange.
Beijing Jingneng Clean Energy, a unit of the Beijing municipal government, has postponed its $630 million Hong Kong share sale, while Italian luxury goods maker Prada made a lacklustre debut in the financial hub in June after raising a lower-than-expected $2.14 billion.
Australian miner Resourcehouse also shelved an IPO originally slated to raise as much as $3.6 billion, citing weak market conditions.
However, New China Life Insurance is reportedly planning to press on with a $4 billion dual listing in Hong Kong and Shanghai, while China’s top hypermarket operator Sun Art Retail Group soared 47 percent on its Hong Kong trading debut last month, after raising $1.06 billion.
Copyright © 2011 AFP. All rights reserved.
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