Skip to main content

Orient Securities Company Limited, the joint venture partner of a Citigroup Inc  unit, plans to raise 10 billion yuan ($1.59 billion) in an initial public offering (IPO) on the Shanghai stock exchange, the brokerage said late on Mar. 2.

Orient Securities plans to issue up to 1 billion shares, it said in a prospectus posted on the Shanghai stock exchange website. The funds will be used for working capital purposes and to expand business, among other things.

Orient's IPO was one of 24 deals approved by the securities regulator which is stepping up the pace of listings in China in an effort to cool down the red-hot stock markets.

Brokerages like Orient have seen profits double as retail investor numbers jump and trading volumes soar, spurred by the central bank's surprise interest rate cut in November. Volumes have also been boosted by the Stock Connect scheme, which opened the same month, allowing direct trading of Hong Kong and Shanghai stocks on each other's bourses.

Orient Securities set up a joint venture brokerage Citi Orient Securities Co Ltd with Shanghai-Citigroup Global Markets Asia in 2011, according to the JV's official website.

Citi Orient is located in Shanghai and has registered capital of 800 million yuan.

The other companies approved by the China Securities Regulatory Commission (CSRC) on Mar.2 are mostly small-cap, with 11 aiming to list on the Shanghai stock exchange, four in Shenzhen and eight on the smaller ChiNext exchange.

 

Related Articles

德恒新设泉州办公室,开拓“一带一路”沿线布局(ZH/EN)

德恒泉州办公室正式开业,标志着德恒在“一带一路”沿线的战略布局又迈出了重要一步。

【路透社】美国所威凯平和而德将关闭北京办公室(ZH/EN)

by Reuters |

Signage is seen outside of the law firm WilmerHale in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly

 

安理落子加拿大,进一步开拓北美法律市场(ZH/EN)

by Charlie Wu 吴卓言 |

总部位于北京的安理律师事务所正式在加拿大爱德华王子岛省设立北美办公室。