China Merchants Securities Co. releases IPO prospectus

China Merchants Securities Co. published its initial public offering (IPO) letter of intent Monday, and the company is preparing to issue floating stocks which are worth no more than 358.5 million yuan to further develop the company.

The general capital stock of the company is 322.7 million shares. According to the prospectus, the issuance mechanism is in two parts: one is to dispense 20 percent (71.7 million)of the stocks and share rights to institutional investors. The purchase price will be decided by the company through inquiry and discuss with the institutional investors. The other part is to let common investors purchase the remaining stocks at the fixed price.

The period of initial inquiry is from November 4-5, and the final issue price will be fixed on November 11.

The company's application for IPO shares was approved by the China Securities Regulatory Commission (CSRC) in September 2008, but because of the internal closure of IPOs in A-shares, China Merchants Securities' IPO plan had to be postponed. 
 

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