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Haitong aims to raise US$3.9b
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HAITONG Securities, China’s second-largest brokerage by market value, said it plans to raise HK$29.9 billion (US$3.9 billion) in a private share placement in Hong Kong.
The brokerage will sell 1.92 billion additional Hong Kong-listed shares at HK$15.62 each to seven investors, including New China Investment Management Co and TD Ameritrade Special Holdings. Hedge fund Marshall Wace LLP is also among the buyers.
“It’s the golden period for brokerages to raise funds under a bull run,” said Li Bo, a Shanghai-based investment consultant at Guangfa Securities Co.
“There’s a high possibility for other counterparts to unveil similar plans in a sizeable way.”
Haitong said it will use 60 percent of the proceeds on its short selling and margin trading business and 10 percent to replenish working capital.
The brokerage’s Hong Kong-listed shares have gained 36 percent this year, compared with a 1 percent decline in the Hang Seng Index.
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