SHANGHAI 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)