Guotai Junan Securities, a top-tier security broker in China, is book building to raise US$2bn for its Hong Kong IPO. In our earlier insight (Guotai Junan Securities IPO: Second, if Not the Largest, China Security Broker, A-H Premium Examined), we looked at the fundamentals of the company, its valuation in the A-share context and its peers' valuation in both A-share and H-share market. We also examined its peers' A-H premium which is critical to post-listing performance.  In this...(continued)

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