Citic Securities will issue new H-shares to China’s National Council for Social Security Fund and raise HK$11.52 billion $1.49 billion.
Some 640 million shares will be offered at HK$18 per unit, according to a filing on the Hong Kong Stock Exchange website. This is a 43% discount to the broker’s June 8 closing price of HK$31.65.
The shares on offer represent 54.3% of the total issued H-shares as of June 9, and 5.8% of the broker’s total issued share capital.
The H-share issuance is part of a three-year strategic cooperation framework between Citic and China’s social security fund....