China Galaxy Securities (06881.HK) is likely to have strategic investors in its A-share initial public offering, the 21st Century Business Herald reported Tuesday, citing a source close to the deal. Galaxy Securities said Sunday that the board approved the issue of up to 1.69 million shares on the mainland to fund general operations, the report said. The total value of the offering could be up to 7 billion yuan (US$1.14 billion) but the strategic investors could be allocated the bulk of the shares, the source said. Guotai Junan Securities Co., China Securities Co., Ltd., CITIC Securities Co. Ltd. (600030.CN, 6030.HK) and Ping An Securities Ltd. will be the underwriters, according to the report.
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