GF Securities $3.6 billion HKSE IPO

Overview:

• GF Securities—China’s fourth largest brokerage—has raised $3.6 billion in its IPO in Hong Kong.
• Amid a series of large IPOs in Hong Kong this month, GF Securities’ roadshow has propelled it past Fuyao, which raised $953 million, and HKBN’s float raising $748 million.
• It is now Hong Kong’s largest IPO of 2015 and will make the city-state the most popular listing destination in the world so far this year. The Chinese brokerage’s offering also becomes this year’s largest IPO in Asia-Pacific and potentially the second-largest fresh global listing after Aena’s—Spain’s airport operator—$4.8 billion float in Madrid. GF Securities sold 1.48 billion new shares at HK$18.85—the high end of the price range.
• Latham & Watkins advised GF Securities on US and Hong Kong law and PRC firm Jia Yuan Law Offices advised on Chinese law.
• Clifford Chance advised sponsors Goldman Sachs, GF Capital and Deloitte with King & Wood Mallesons advising on PRC law.

Adam Majeed - Asia editor