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Industry news

Haitong to raise $3.86 billion


22 December 2014 Hong Kong
Reporter: Stephen Durham

Generic business image for news article
Image: Shutterstock
Chinese brokerage firm Haitong Â鶹´«Ã½ has stated that it plans to raise $3.86 billion in a private share placement in Hong Kong.

Haitong intends to issue 1.917 billion new Hong Kong-listed H-shares at HK$15.62 each to a number of institutional investors. It said Dawn State, Vogel Holding Group and Amtd Special Holdings would be among the buyers.

Haitong recently posted its highest ever quarterly profit for the three months ended September 2014.

Trading volumes have also surged, propelled by a surprise cut in China's interest rate and the launch of a programme, known as the Stock Connect, that allows investors in Hong Kong and Shanghai stocks to trade directly on each bourse.

The Haitong share issue is subject to shareholder and regulator approval, according to the firm.

Proceeds will be used for the development of margin trading in mainland China, the brokerage said in a filing to the Shanghai Stock Exchange.

Any surplus will be used for the development of structured products and working capital among other things.

Haitong's H-shares hit a historic high of HK$23.20 on 9 December.
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