In few arenas is the cliché “it is better to be lucky than good” as apt as in financial markets.
Everbright Securities, which prices its Hong Kong listing today, may just have got lucky.
Yesterday, shares in Hong Kong listed brokerages rose as much as a tenth, with Guotai Junan leading the way. The cause was reports that Shenzhen Connect, a scheme allowing overseas investors to buy shares in Shenzhen-listed stocks through Hong Kong, might soon launch. Everbright should benefit from this — and its Hong-Kong share offering already looks attractively priced.
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