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.
China Merchants Securities is issuing 891.27 million in new shares at an indicative range between 11.54 Hong Kong dollars and HK$12.78 per share on the Hong Kong stock exchange. The investment bank, which is also listed on the Shanghai Stock Exchange, will be raising between HK$10.29 billion ($1.33 billion) and HK$11.39 billion, assuming a greenshoe option is not exercised.
