HONG KONG, April 11 Brokerage China Galaxy
Securities and the engineering unit of China's Sinopec Group,
Asia's largest oil refiner, both got approvals from the Hong
Kong stock exchange for their initial public share offers on
Thursday, adding $3.5 billion to the total that could be raised
in the city in the second quarter.
Sinopec Engineering (Group) plans to start pre-marketing its
share offer for up to $2 billion on April 18 with a view to
launching the deal on May 6, Thomson Reuters publication IFR
said, citing sources with direct knowledge of the plans. The
offering is scheduled to be priced on May 16, it added.
Meanwhile China Galaxy, the country's seventh-largest
brokerage, is seeking up to $1.5 billion and is set to start
pre-marketing on April 22, IFR said.
China Galaxy added 13 banks last month to the group helping
arrange the planned IPO, putting the total number involved at
16, near the record 17 hired by People's Insurance Company
(Group) of China for its $3.5 billion IPO in December.
The two deals will go head to head for investors' attention,
indicating a pick-up in activity after IPO volumes in Asia
ex-Japan plunged 56 percent to $3.3 billion in the first
quarter, making it the worst start to a year for new share
listings since the first quarter of 2009.