Brokerage HTSC approved for $3.5bn IPO in Hong Kong

The Hong Kong Stock Exchange has approved the listing of China’s fifth-largest brokerage HTSC for up to US$3.5 billion, The Wall Street Journal reported, citing unnamed sources. The brokerage would be the third initial public offering from the sector this year in greater China, after GF Securities (1776.HKG) in Hong Kong and Orient Securities (600958.SHA) in Shanghai. HTSC plans to begin gauging investor interest this month ahead of a June listing, and sources said the fundraising size could go higher if demand is strong.