| Are brokers a good way to buy into China’s sizzling hot stock market? Last week, Citic Securities said the National Council for Social Security Fund agreed to buy 640 million shares of the broker’s Hong Kong-listed stocks at 18 Hong Kong dollars each, in a deal that totals HK$11.5 billion ($1.5 billion). On Monday night, Citic Securities raised another $3.5 billion in a private placement, attracting sovereign wealth funds from around the world.
The Kuwait Investment Authority agreed to take up $476 million worth of the offering, while Malaysia’s state-owned investment fund Khazanah and Singapore’s Temasek each pledged $300 million. GIC, another sovereign fund from the city-state, agreed to purchase $249 million worth of shares in the mainland securities house...............................................Full Article: Source
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