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BIZCHINA / Top Biz News |
China Merchants Securities plans domestic IPO in 4Q(Dow Jones)
Updated: 2007-07-31 15:42 China Merchants Securities Co will likely raise around 6 billion yuan (US$79.3 million) in a domestic initial public offering (IPO) toward the end of the fourth quarter, a person familiar with the situation said Tuesday. The Chinese brokerage, China's eighth largest by revenue last year, said earlier this month it hired the domestic brokerage arms of Goldman Sachs Group Inc (GS) and UBS AG (UBS) to underwrite the offering. The two local ventures managing the offering are called Goldman Sachs Gao Hua Securities Co and UBS Securities Co. A spokesman at China Merchants Securities said Tuesday the brokerage is planning an IPO, but declined to give a timetable or size for the listing. China Merchants Securities, formed in 1991 as the investment banking department of China Merchants Bank Co, has a registered capital of 3.23 billion yuan with a network of 52 business outlets and two service centers, according to its website. |
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