NEW YORK - With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Citic Sec likely to raise $1.6 billion in HK IPO: report
SHANGHAI (Reuters) - Citic Securities Co (600030.SS), China's biggest brokerage, will raise about $1.6 billion through its planned Hong Kong initial public offering, instead of the previously expected $3 billion, IFR reported.
Citic Securities is slated to file a listing application to the Hong Kong stock exchange next week or the week after, it said.
The brokerage has said it would sell up to 10 percent of its enlarged capital in the Hong Kong IPO.
But IFR, citing an unidentified source, said Citic will sell fewer shares than the limit because its parent Citic Group wants to retain a majority stake.
BOC International and CCB International are joint sponsors on the deal, and joint bookrunners with ABC International, Citic Securities International and ICBC International, IFR, a Reuters publication, reported.
(Reporting by Samuel Shen and Kazunori Takada)
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