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Bank of Communications

Brokerage staff ready for long hours

PUBLISHED : Monday, 30 March, 2009, 12:00am
UPDATED : Monday, 30 March, 2009, 12:00am

Local brokerages are well prepared to handle the HSBC rights issue, treating the event on par with a giant initial public offering.

Kenny Lee Yiu-sun, the chairman of the Hong Kong Stockbrokers Association, said: 'Many brokerages have asked staff to work overtime. Brokers are as busy as they would be in a mega IPO.'

Offers from Bank of Communications and China Construction Bank Corp in 2005 drew 270,467 and 267,877 applications respectively.

There are reportedly 63,000 HSBC shareholders in Hong Kong, excluding shares held through banks and brokerage houses. Brokers believed the issue would raise about HK$40 billion.