Citic Securities Capital Raise Attracts Sovereign Wealth Funds
Citic Securities is planning to list in Hong Kong by October 6th. The securities company is the largest in China by market value. Sovereign wealth funds have been investing in Chinese financial firms and banks for quite some time. Earlier we saw tremendous sovereign investor interest in the IPO of Agricultural Bank of China. In this current environment, capital raising deals present many challenges to companies.
In getting a billion dollar plus corporate capital raise deal done, cornerstone investors involving sovereign wealth funds are almost a necessity.
Citic Securities has already fortified six cornerstone investors. These include the sovereign wealth funds of Temasek Holdings and the Kuwait Investment Authority. Including BTG Pactual SA which has received SWF investment in the past, the six cornerstone investors plan to purchase US$ 850 million in stock, or at least 44% of the offered shares.
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