Shares in China brokerage GF Securities jumped 37% above a discounted offer price of HK$218.85 (US$28.24) during grey market dealings on Thursday prior to the firm’s debut on the Hong Kong exchange, South China Morning Post reported, citing Phillip Securities. The shares were priced at a 50% discount from the brokerage’s Shenzhen-traded shares, which had surged 200% in the past year amid an ongoing market rally, and the Hong Kong offering was 180 times oversubscribed after GF pre-sold about US$1.9 billion in shares to 17 cornerstone investors. The firm plans to use the proceeds to expand its margin financing, securities lending and investment banking businesses.
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