China-based Shenwan Hongyuan Group Co., a financial investment management company, aims to secure 9.8 billion ($1.3 billion) in a stock market listing in Hong Kong (HK).

Shenwan Hongyuan, planning to price the initial public offering (IPO) on April 18 before beginning trading April 26, is offering 2.5 billion shares at $0.46 to $0.50 apiece in the share sale.

The listing has attracted 13 cornerstone backers which agreed to subscribe for a total of about $829 million of stock, or about 69 percent of the base offering assuming mid-point pricing.

With the projected funds, Shenwan Hongyuan will develop its securities unit and international business, and also make principal infusions.