Galaxy, Sinopec Engineering Said to Get Approval for IPO PlansFox Hu
Hong Kong’s stock exchange approved initial public offering plans by China Galaxy Securities Co. and Sinopec Engineering (Group) Co., said people with knowledge of the matter.
The companies, seeking as much as $1.5 billion each, may begin marketing the sales as soon as this month, the people said, asking not to be identified as the information is private.
Galaxy Securities, founded in January 2007, is controlled by Central Huijin Investment Ltd., a unit of China Investment Corp., according to Galaxy Securities’ website. Sinopec Engineering, which builds facilities and provides oilfield services, is a unit of China Petrochemical Corp., which is also known as Sinopec Group.
External spokesmen for both companies declined to comment on the sale.
Citic Securities Co., JPMorgan Chase & Co. and UBS AG are among banks arranging Sinopec Engineering’s offering, the people said. Goldman Sachs Group Inc. and JPMorgan are among banks managing Galaxy Securities’ sale, along with the brokerage’s own Hong Kong unit, the people said.