Everbright Securities Draws State Firms to $1.2 Billion Offering
- Prudential, China Life agree to become cornerstone investors
- Brokerage aims to boost margin lending, overseas businesses
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Everbright Securities Co. attracted eight cornerstone investors, including China’s largest insurer, to a Hong Kong first-time share sale that could raise as much as $1.2 billion.
The Shanghai-based brokerage is offering 680 million shares at HK$11.80 to HK$13.26 apiece, according to a prospectus posted to the Hong Kong stock exchange Monday. Cornerstone investors including state-owned China Shipbuilding Industry Corp. and China State Construction Engineering Corp. will buy as much as $789 million of stock, the filing shows.