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China Merchants Securities to launch IPO this week

(Agencies)
Updated: 2009-11-03 14:05

China Merchants Securities Co will launch an initial public offering that could be worth 10 billion yuan ($1.5 billion) or more in Shanghai this week as regulators resume approvals for big IPOs.

Merchants Securities' planned IPO, the second by a brokerage this year and potentially the biggest in over a month and a half, follows the successful launch of China's Nasdaq-style second board ChiNext and a recovery in the main board after a 22 percent slump in August.

"Now that liquidity concerns are gone, IPOs and fund-raising activities are back to normal," said Zhang Fan, an analyst at Changjiang Securities Co.

"Regulators are obviously confident now that the market can handle big IPOs."

Related readings:  China Merchants’ IPO plan rises to $2.6b  First batch of 28 firms start trading on ChiNext  Everbright, Merchants Securities fare well  Merchants Securities applies for IPO

Merchants Securities, a medium-sized brokerage, is proceeding with its long-delayed IPO to capitalize on a more than 70 percent rally in China's stock market this year, which followed last year's 65 percent tumble.

That rally abruptly reversed course in August, however, due largely to stretched valuations and shrinking liquidity as a bank lending boom ebbed, but also due to concerns about share supplies fed by big IPOs and ChiNext's launch.

But the Shanghai Composite Index has rebounded nearly 20 percent from its September lows and was up 1.3 percent on Tuesday despite news of the new IPO, while ChiNext's trading debut last week drew strong investor interest.

"Brokerages need to take advantage of the market revival to boost capital and expand," said Tian Hui, analyst at Industrial Securities Co. "If you don't grow your businesses and get stronger, you'll be eliminated in market competition."

Merchants Securities' listed rivals, including Citic Securities Co and Haitong Securities Co, reported robust third-quarter profits.

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