Citic Securities is the latest mainland brokerage to launch a Hong Kong offering, amid rising volatility and increasingly skittish investors.
The broker, which is scheduled to make its offering available to the public today, is seeking up to HK$15 billion from a Hong Kong listing to fund expansion in international markets.
The company is offering 995.3 million shares at an indicative price range of HK$12.84 to HK$15.20 each, putting the total deal size as high as HK$15.13 billion and making it one of the largest initial public offerings this year in Hong Kong.
Mainland insurers, brokerages and banks - including Citic Securities, Haitong Securities and New China Life - have recently unveiled plans to raise a combined US$35.4 billion from listings in Hong Kong and on the mainland.
But IPOs have been hit by poor sentiment emanating from the weak outlook for global economic growth. The Hang Seng Index has lost 15.39 per cent since the beginning of August on concerns over a double-dip recession and sovereign debt woes in the euro zone.
Two heavy equipment makers, Sany Heavy and XCMG Construction Machinery Co, have just postponed plans to raise a combined US$5 billion in Hong Kong.