Guotai Junan HK to launch IPO
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Guotai Junan (Hong Kong), the wholly-owned subsidiary of Shanghai-based Guotai Junan Securities, passed its listing hearing June 10 and will soon start the pre-marketing of its initial public offering (IPO) in Hong Kong, the 21st Century Business Herald reported Sunday.
Founded in June 1995, Guotai Junan HK was initially registered with US$41 billion. It has mainly engaged in securities brokerage, corporate finance, asset management, futures brokerage and securities investment consultancy. The company currently owns seven subsidiaries, including Guotai Junan Securities (Hong Kong), Guotai Junan Futures (Hong Kong) and Guotai Junan Finance (Hong Kong).
Guotai Junan HK initiated its previous IPO plan four years ago but hit delays because of tax and dividend issues.
Since, China Securities Regulatory Commission (CSRC) has approved 12 mainland securities companies to set up branches in Hong Kong. Ten of them — China International Capital Corporation (CICC), Guotai Junan Securities, China Merchants Securities, CITIC Securities, Guoyuan Securities, GF Securities, Huatai Securities, Shenyin Wanguo Securities, Haitong Securities and Guodu Securities — have already established branches and started operation in Hong Kong. The Hong Kong offices of Ping An Securities and Guosen Securities are preparing its openings.
However, only two of these securities companies, Shenyin Wanguo (Hong Kong) and Taifook Securities, Haitong Securities' Hong Kong unit, secured an IPO on the Hong Kong stock market.
China's business press carried the story above on Sunday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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