Related News
Haitong plans US$3.9b private placement in HK
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, aiming to bolster capital under a stock market boom.
The company 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 other 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.”
The fundraising was carried out under the backdrop that a soaring stock market and an expansion in margin financing boost China’s brokerages. Stock trading volumes have surged to a record high after a surprise cut in China’s interest rate last month and the launch of Shanghai Hong Kong Stock Connect, which allows investors to trade directly on each other’s bourse.
Haitong will use about 60 percent of the proceeds to develop its short-selling and margin-financing business and about 10 percent to replenish its working capital, it said.
Haitong's H-shares hit a high of HK$23.20 on December 9. Its shares closed at HK$18.2 on Monday, up nearly 36 percent this year, compared with a 1 percent decline on the benchmark Hang Seng Index.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.