HONG KONG: China Galaxy Securities Co Ltd rose as much as 11.3% in its trading debut after raising US$1.1bil in a Hong Kong IPO, underscoring a surge in retail investors’ demand for new listings in the city.
The debut of China’s seventh biggest brokerage yesterday, and that of Sinopec Engineering (Group) Co Ltd today, will be bellwethers for a slew of Hong Kong offerings in the coming weeks. China Galaxy shares jumped to HK$5.78 shortly after opening and traded as high as HK$5.90, up from the IPO price of HK$5.30 per share. — Reuters
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