China Galaxy jumps in gray market, ahead of Hong Kong debut
HONG KONG May 21 (Reuters) - China Galaxy Securities Co Ltd soared as much as 8.3 percent in gray market trading on Tuesday, signaling expectations the Chinese state-owned brokerage will climb in its official debut on the Hong Kong stock exchange on Wednesday.
China Galaxy shares changed hands at HK$5.70 in late afternoon and rose as high as HK$5.74, up from the IPO price of HK$5.30 ($0.68), according to PhillipMart, the pre-market trading platform of Phillip Securities in Hong Kong. The stock traded at HK$5.64, up 6.4 percent, at the Bright Smart Securities pre-IPO platform.
Gray market prices are quoted by brokerages ahead of a security being officially traded on an exchange.
China Galaxy Securities priced its $1.1 billion IPO near the bottom of an indicative range of HK$4.99-HK$6.77 per share last week. The offering was the second biggest in Hong Kong this year, behind Sinopec Engineering's $1.8 billion listing, also last week.
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