GF Securities in $1 billion IPO 15 January 2015Hong Kong Reporter: Stephen Durham
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China’s third-biggest publicly traded brokerage, GF Securities, is to seek more than $1 billion from an initial public offering (IPO) in Hong Kong, according to reports.
GF Securities, currently listed in Shenzhen, China, aims to initiate the share sale in March of 2015.
The company plans to use a portion of the projected $1 billion to increase financing for its customers and develop its stock-lending business.
GF Capital (Hong Kong) and Goldman Sachs Group have acted as joint sponsors for the sale, as was revealed in a filing with the Hong Kong exchange.
According to reports, Bank of America Merrill Lynch, Morgan Stanley, HSBC Holdings, Deutsche Bank, ABC International Holdings, ICBC International Holdings and Bocom International Holdings are also involved in assisting with the IPO.
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