HONG KONG May 21 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
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