GF Securities has started premarketing its Hong Kong listing to raise $2 billion to $3 billion, the largest initial public offering in Asia so far this year, assuming it comes to fruition. One source close to the deal suggests it could even reach $4 billion.
The Guangzhou-based broker plans to sell up to 1.7 billion H shares or 20% of its enlarged share capital. The company plans to start roadshows on March 23, and to set the price as soon as March 31.
The last time a large Chinese broker tapped the Hong Kong IPO market was May 2013, when Galaxy Securities raised HK$8.31...
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