Haitong's share sale in HK nets US$1.7b
Source: Bloomberg News |
April 21, 2012, Saturday
|
Print Edition
Print Edition
HAITONG Securities Co, the third-biggest publicly traded Chinese brokerage, has raised HK$13 billion (US$1.7 billion) in Hong Kong's biggest first-time stock sale since December.
The brokerage, already listed in Shanghai, sold about 1.23 billion shares at HK$10.60 each, near the bottom of a range marketed to investors, according to a Shanghai Stock Exchange filing yesterday. The shares were originally offered at HK$10.48 to HK$11.18 each, according to the prospectus for the offering.
Haitong's share sale is about 40 percent bigger than the total amount raised in first-time offerings in Hong Kong in the first quarter, data compiled by Bloomberg News show.
Initial share sales in the city are off to their slowest start to a year since 2009, with investors steering clear of new equity even after the benchmark stock index gained 14 percent.
Haitong, based in Shanghai, has a market value of 85 billion yuan (US$13.5 billion), according to data compiled by Bloomberg News.
The country's two largest brokerages are Beijing-based CITIC Securities Co and GF Securities Co in Guangzhou, the data show.
The offer price values Haitong at about 1.31 times its estimated 2012 book value, compared with 1.67 times for CITIC Securities' Hong Kong-traded shares, according to data compiled by Bloomberg News. Haitong will begin trading in Hong Kong next Friday.
Citic Securities raised about US$1.7 billion in a first-time share sale in Hong Kong in September. The stock has gained 24 percent from its offer price of HK$13.30.
Haitong's offer price is 17 percent below its close of 10.33 yuan yesterday in Shanghai.
The brokerage, already listed in Shanghai, sold about 1.23 billion shares at HK$10.60 each, near the bottom of a range marketed to investors, according to a Shanghai Stock Exchange filing yesterday. The shares were originally offered at HK$10.48 to HK$11.18 each, according to the prospectus for the offering.
Haitong's share sale is about 40 percent bigger than the total amount raised in first-time offerings in Hong Kong in the first quarter, data compiled by Bloomberg News show.
Initial share sales in the city are off to their slowest start to a year since 2009, with investors steering clear of new equity even after the benchmark stock index gained 14 percent.
Haitong, based in Shanghai, has a market value of 85 billion yuan (US$13.5 billion), according to data compiled by Bloomberg News.
The country's two largest brokerages are Beijing-based CITIC Securities Co and GF Securities Co in Guangzhou, the data show.
The offer price values Haitong at about 1.31 times its estimated 2012 book value, compared with 1.67 times for CITIC Securities' Hong Kong-traded shares, according to data compiled by Bloomberg News. Haitong will begin trading in Hong Kong next Friday.
Citic Securities raised about US$1.7 billion in a first-time share sale in Hong Kong in September. The stock has gained 24 percent from its offer price of HK$13.30.
Haitong's offer price is 17 percent below its close of 10.33 yuan yesterday in Shanghai.
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