When the world’s second-biggest economy is two-fifths the size of the biggest one, but has a securities industry a fifth the size relative to its economy, one easy conclusion is that brokerage opportunities abound in China. On that basis, the $1.4bn initial offering of China Galaxy Securities – the country’s biggest securities broker by sales – should be a winner. But that number one spot comes with just 5 per cent of the market, which says more about actual industry conditions than all the numbers about the potential.
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