Guotai Junan Securities' Hong Kong division started bookbuilding yesterday for an initial public offering that could allow it to raise up to HK$2.31 billion $296 million.
The fact that the firm, known as Guotai Junan International, is launching its Hong Kong offering in the same week as Agriculture Bank of China's ABC massive IPO has triggered some concern that it will need to compete with the big lender for investor interest. ABC, which is expected to raise more than $22 billion, is set to start taking orders for its A-share tranche today and for its H-share tranche tomorrow.
However, sources say Guotai has planned a share sale for...
¬ Haymarket Media Limited. All rights reserved.
