China Galaxy's IPO pops in Hong Kong

Shares of China Galaxy Securities (6881.HKG), the country’s sixth-largest brokerage by revenue, traded up 6% on their debut on the Hong Kong Stock Exchange Wednesday, The Wall Street Journal reported. The firm’s shares closed at HK$5.62 (US$0.72), up from the HK$5.30 IPO price. Trading was initially delayed due to an extreme weather in Hong Kong on Wednesday morning. The company’s IPO brought in US$1.07 billion, which made it the first deal to cross the billion dollar threshold in Hong Kong this year. Sinopec Engineering Group (2386.HKG), a subsidiary of state-owned energy major China Petrochemical, will debut its shares in Hong Kong today and tops China Galaxy by raising US$1.8 billion.