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Chinese brokerages underwrite half of H-share IPOs in 2018

Xinhua Financein CFBOND
2019-01-10 10:29

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Chinese brokerages underwrote over half of the initial public offering (IPO) deals at Hong Kong’s H-share market last year, reported Shanghai Securities News on Wednesday.

The Hong Kong stock market witnessed 207 successful IPOs in 2018 which pooled a total of 277.85 billion HK dollars (35.44 billion U.S. dollars), according to data from Hong Kong Exchanges and Clearing Limited (HKEX), the operator of the H-share market.

This performance represents the highest amount for the HKEX since 2010 and makes it a global leader in 2018 in terms of funds raised.

At the H-share’s robust primary market, Chinese securities dealers registered breakthroughs, providing services in over half of the above 207 IPO deals.

CLSA Ltd., a subsidiary of CITIC Securities Company Limited, was among the underwriters for 12 listing deals last year which raised funds totalling 65.37 billion HK dollars (8.34 billion U.S. dollars).

CICC Securities (HK) Limited helped nine companies obtain a total of 72.95 billion HK dollars (9.3 billion U.S. dollars) in their IPOs.

Other Chinese brokerages who have helped their clients raise over 10 billion HK dollars (1.28 billion U.S. dollars) in their IPOs included CCB International (Holdings) Limited, Huatai Financial Holdings (Hong Kong) Limited, CMB International Capital Corporation Limited, China Merchants Securities International Co., Limited and China Securities (International) Finance Holding Company Limited.

In 2018, Chinese brokerages played a critical role as large state-owned enterprises (SOEs) and new economy businesses from the Chinese mainland sought to trade their shares in Hong Kong.

Such companies included household names like the smartphone producer Xiaomi Corporation and China Tower Corp. Ltd., a world leader in the operation of telecoms towers.
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