On August 12, Everbright Securities successfully raised $1.1bn in what is the largest Hong Kong listing by a Chinese brokerage this year, and bolsters the Hong Kong Stock Exchange’s position as the leading exchange for new listings globally.

As a trusted financial platform partner, Dealogic helped the joint sponsors and the bookrunners seamlessly execute the transaction through the DealManager network.

Transaction Details

Issuer: Everbright Securities

Nationality: Chinese

Exchange: Hong Kong

Industry: Finance

Deal Value ($m): 1,112

Deal Type: Follow-on (previously listed in Shanghai)

Bookrunners (Parent): China Everbright Group, Bank of America Merrill Lynch, UBS, China Construction Bank Corp, Bank of Communications, China Everbright Bank, China Merchants Bank, Yuanta Securities, Macquarie Group, Bank of China, Industrial & Commercial Bank of China, Agricultural Bank of China, CIMB Group, Deutsche Bank, China Merchants Securities, China Securities, Guotai Junan Securities, Industrial Securities, AMTD Group

Key Points

• Largest Hong Kong listing by a Chinese brokerage this year, ahead of Orient Securities’ $1,079m raising in June
• Third largest new listing in Asia Pacific (ex Japan) so far this year, behind offerings for China Zheshang Bank and BOC Aviation
• Overall ECM issuance from the finance sector this year has dropped to a 13-year low of $42.7bn ($41.3bn in 2003 YTD), and is just under one-third of the amount raised during the same period last year ($130.4bn)
• The deal bolsters the Hong Kong Stock Exchange’s position as the leading exchange for new listings with $9.4bn from 35 deals, ahead of New York with $6.9bn, and Shanghai with $5.9bn
• With $65.0bn worth of new listings worldwide this year, the market has shrunk to the lowest level seen since 2009 when only $30.9bn was raised

Top 3 New Listings in Asia Pacific (ex Japan) in 2016 YTD

1. China Zheshang Bank, $1.9bn | China | Mar 2016
2. BOC Aviation, $1.1bn | Singapore | May 2016
3. Everbright Securities, $1.1bn | China | Aug 2016