Haitong Securities raises $1.67 billion from HK IPO

Shanghai-listed brokerage Haitong Securities prices its relaunched Hong Kong offering below the mid-point, even though good support from cornerstones and anchors gives other investors the confidence to come into the deal.

Haitong Securities raises $1.67 billion from HK IPO

Haitong Securities, China’s second-biggest brokerage in terms of total and net assets, has raised HK$13 billion $1.67 billion from its initial public offering after fixing the price below the mid-point of the range at HK$10.60 a share.

The final price is equal to the price guidance that went out the day before pricing, sources said. The IPO was postponed in December due to volatile market conditions and re-launched on an accelerated basis...

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