|Back Zoom + Zoom -|
<Research Report>JPM Expects Citic Sec, CICC to Benefit Most from Adoption of New IPO Mechanism; Ratings Overweight
The China Securities Regulatory Commission (CSRC) announced the "General Implementation Program of Full Adoption of Registration Based System for Stock Offering", which was anticipated to bode well for the share prices of Chinese securities brokers, JPMorgan said in a report.
CITIC SEC (06030.HK) and CICC (03908.HK) were selected as the sector top picks. Being viewed as the biggest potential beneficiaries, the two companies were forecast to further strengthen their competitive advantages in underwriting, while offering compelling risk-reward. The two stocks were rated at Overweight, with a respective target price of $19.8 and $27.2.
AAStocks Financial News