Citic Securities, China's biggest broker by market value, has received government approval for a listing in Hong Kong, the company said in a statement Tuesday.
Government watchdog the China Securities Regulatory Commission will allow the overseas issue of 1.14 billion shares, which would be listed following approval from the Hong Kong Stock Exchange, it said.
The brokerage, a unit of state-owned conglomerate Citic Group, aims to list in Hong Kong in September and raise as much as $1.5 billion, Dow Jones Newswires reported, citing people familiar with the situation.
Citic Securities is already listed in Shanghai.
The planned share sale comes as some firms back off plans to list in Hong Kong, the world's biggest IPO market last year.
A recent market meltdown has sparked fears that the city may see delays in some $19 billion worth of share sales from a dozen companies planning to list on the city's exchange.
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