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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.

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.

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