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Haitong poised for HK IPO to fund expansion
By Lydia Chen |
April 26, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI-BASED Haitong Securities Co said today it plans to sell shares in Hong Kong for the first time to fund its business expansions.
The fifth biggest mainland brokerage by market value will issue new shares no more than 13 percent of its overall capital after the sale, excluding over-allotment, the company said in a statement.
The amount is equivalent to nearly 1.42 billion shares. Haitong is likely to raise about 14.4 billion yuan (US$2.22 billion) based on 10.19 yuan at the close of trading last Wednesday. The company reopened for trading today after a three-day suspension due to the new share plan.
Money raised from the Hong Kong initial public offering will be used to help the brokerage to expand its business in futures and margin finance and securities lending.
Haitong's Hong Kong debut came after CITIC Securities Co said late last month that it planned to become the first mainland brokerage to get listed in the special administrative region. The biggest mainland brokerage aimed to raise US$17.7 billion from a share sale of up to 10 percent of the company's capital, or 1.27 billion shares.
Haitong said its profit in the first three months climbed 17.17 percent from a year earlier to 1.19 billion yuan thanks to increased earnings in its underwriting and asset-management businesses.
Haitong bought off Hong Kong-listed Taifook Securities Co in 2009 and changed the its name to Haitong International Securities Group.
Meanwhile, Lin Yong, incoming Chief Executive Officer of Haitong International, a unit of Haitong Securities, said his company is willing to expand its investment banking division to 100 people from the current 75.
The company is "willing to pay what's needed" to lure top-ranked bankers from American and European firms, Lin said.
The fifth biggest mainland brokerage by market value will issue new shares no more than 13 percent of its overall capital after the sale, excluding over-allotment, the company said in a statement.
The amount is equivalent to nearly 1.42 billion shares. Haitong is likely to raise about 14.4 billion yuan (US$2.22 billion) based on 10.19 yuan at the close of trading last Wednesday. The company reopened for trading today after a three-day suspension due to the new share plan.
Money raised from the Hong Kong initial public offering will be used to help the brokerage to expand its business in futures and margin finance and securities lending.
Haitong's Hong Kong debut came after CITIC Securities Co said late last month that it planned to become the first mainland brokerage to get listed in the special administrative region. The biggest mainland brokerage aimed to raise US$17.7 billion from a share sale of up to 10 percent of the company's capital, or 1.27 billion shares.
Haitong said its profit in the first three months climbed 17.17 percent from a year earlier to 1.19 billion yuan thanks to increased earnings in its underwriting and asset-management businesses.
Haitong bought off Hong Kong-listed Taifook Securities Co in 2009 and changed the its name to Haitong International Securities Group.
Meanwhile, Lin Yong, incoming Chief Executive Officer of Haitong International, a unit of Haitong Securities, said his company is willing to expand its investment banking division to 100 people from the current 75.
The company is "willing to pay what's needed" to lure top-ranked bankers from American and European firms, Lin said.
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