China Merchants Securities prices IPO

China Merchants Securities priced Hong Kong's third largest initial public offering of the year on Friday, raising HK$10.7 billion $1.38 billion from a deal, which priced just below the mid-point of its indicative range at HK$12 per share.

The 891.27 million share deal pre-greenshoe priced 37.5% through its HK$11.54 to HK$12.78 range.

This is a higher level than Orient Securities, which came 20% through in late June, but far less aggressive than Everbright Securities, which came 60.5% through in mid-August. The latter has paid the price for egging the mix since then, trading down 9% from its HK$12.68...