Hong Kong exchange regulators have signified their approval for the initial public offering of China Galaxy Securities. The IFR reported the approval of the regulators, citing anonymous sources with direct knowledge of the transaction that is projected to reach US $1.5 billion.
China Galaxy is China's seventh largest brokerage firm and has plans to go on a roadshow to gauge market interest for the IPO. It does though plan to start its pre-marketing activities for the deal on April 22 as reported by the Thomson Reuters publication IFR.
China has lined up thirteen different banks to help it in arranging the initial public offering, adding on to the three earlier identified by the firm. This is very near the record of seventeen banks engaged by the People's Insurance Company (Group) of China when it undertook its US$3.5 billion IPO last December.
Galaxy Securitites was established back in January of 2007 has Central Huijin Investment Ltd as its majority shareholder. Central Huijin is a unit subsidiary of China Investment Corp.
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