Stocks News
- Merchants Securities prepares for IPO
Date: 15-Jun-2007 Sources: (Shenzhen Daily)
MERCHANTS Securities Co., the brokerage arm of China's top port operator Merchants Group, has hired Chinese joint ventures of UBS and Goldman Sachs to underwrite its proposed domestic initial public offering (IPO), sources close to the situation said Wednesday.
Shenzhen-based Merchants Securities is expected to raise at least 5 billion yuan (US$655.7 million) through an initial public offering aimed for launch as early as this year, the sources said. Merchants Securities, one of China's 10 biggest brokerages, is expected to finalize its IPO proposal, including the size and other details, and submit a formal IPO application to the securities regulator as early as July, the sources said.
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