Latham & Watkins and Kirkland & Ellis have advised on China Galaxy Securities Co. Ltd.’s $3.1 billion share sale in Hong Kong, the largest follow-on offer in the city so far this year.
Beijing-based China Galaxy Securities, which has been listed in Hong Kong since 2013, said in a regulatory filing that the majority of the proceeds would be used for its margin finance and securities-lending businesses in China. This month, the Shanghai Composite Index climbed above 4,000 for the first time since 2008, and mainland brokerages have seen significant increases in their lending to investors looking to buy stocks.
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