Guotai Junan Securities looks to raise $4.8bn in Shanghai listing

Guotai Junan Securities is planning to raise US$4.8 billion through the sale of shares on the Shanghai Stock Exchange, Bloomberg reported, citing a statement the firm made to the exchange. The largest domestic initial public offering since 2010 comes amid other mainland Chinese brokerages issue their own to replenish capital and fund margin lending businesses as the ongoing stock market rally continues. The brokerages “need money after expanding too fast in this round of the bull market,” said Tang Yayun, a Shanghai-based analyst at Northeast Securities.