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Stocks

China Merchants Securities IPO to raise up to $1.5bn as profits slow

Chief Risk Officer Deng Xiaoli, left, Chairman of the Board Gong Shaolin, middle, and CEO Wang Yan launch China Merchants Securities’ IPO on Sept. 26. (Photo by Joyce Ho)

HONG KONG -- The investment banking arm of state-owned conglomerate China Merchants Group is looking to tap as much as $1.47 billion in a Hong Kong initial public offering as equity trading volume in mainland China has remained sluggish since the A-share market meltdown last year.

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