Evergreen Securities to use IPO to expand sec lending
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Evergreen Securities to use IPO to expand sec lending 10 December 2015 Shanghai Reporter: Drew Nicol
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Everbright Securities has valued its Hong Kong initial public offering (IPO) at $2.5 billion.
The Shanghai-listed company, part of the state-owned China Everbright Group, has stated the proceeds of the IPO will go towards expanding its securities lending and margin financing operations.
Everbright Securities saw revenue grow by almost five times in the first half of 2015, compared to the same period in the year before, to now stand at CNY 12.83 billion ($1.9 billion).
Moody's Investor Services recently gave China Everbright Holdings a “Baa2” rating and stated that: “China Everbright Holdings has a good position in the Chinese capital market reform, the growing cross-border investment and asset management products demand environment.”
"China Everbright Holdings strong track record of business investment will support the company's fund-raising ability and toughness AUM.”
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