Deals
Galaxy Securities $3.1 Billion Sale to Fuel China Margin Trading
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China Galaxy Securities Co. said it would raise more than $3 billion by selling stock in Hong Kong and channel most of the money into the margin lending that’s fueling a Chinese stock boom.
The company plans to raise HK$23.9 billion ($3.1 billion) selling 2 billion new shares at HK$11.99 each, it said in a Hong Kong exchange filing on Tuesday. The firm’s shares rose as much as 4.6 percent in Hong Kong before trading 0.2 percent lower as of 10:27 a.m. local time.