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Galaxy Securities Raised $1.07 Billion in IPO

China Galaxy Securities Co. has raised US$1.07 billion in an initial public offering in Hong Kong priced in the middle of guidance, a person with direct knowledge of the matter said Wednesday.The Mainland China brokerage sold 1.57 billion shares at 5.30 Hong Kong dollars (68 U.S. cents) each, the person said. The latest guidance price range set Tuesday was HK$5.28 to HK$5.43; initial guidance was HK$4.99 to HK$6.77.The new guidance is the price range at which most orders were placed.China Galaxy Securities is scheduled to list on the Hong Kong stock exchange on May 22.The IPO is one of the largest in Hong Kong since People's Insurance Co. (Group) of China Ltd. (1339.HK) raised US$3.6 billion in November, and could help reverse the city's fortunes.Once the world's biggest center for IPOs, Hong Kong fell to fourth last year and dropped out of the top five this year.The city raised US$1 billion via IPOs in the first quarter.Write to Prudence Ho at prudence.ho@wsj.comSubscribe to WSJ: http...

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