Haitong IPO

Haitong Securities joins Hong Kong IPO rush

The Chinese brokerage has attracted two cornerstones that will take up a combined $222 million. Separately, handbag maker Sitoy raises $95 million from a well-received IPO.
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A branch of Haitong Securities in Wuhu, east Chinas Anhui province (ImagineChina)
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<div style="text-align: left;"> A branch of Haitong Securities in Wuhu, east Chinas Anhui province (ImagineChina) </div>

Haitong Securities, which is already listed in Shanghai, yesterday launched the international roadshow for a Hong Kong initial public offering of between HK$11.53 billion and HK$13 billion $1.48 billion to $1.67 billion.

This is the third IPO above $1 billion to launch in Hong Kong this week after Chow Tai Fook Jewellery and New China Life Insurance, giving the market a lot of paper to absorb this close to year-end especially in a year when investors have lost money on most new listings.

Haitong, which is China’s third largest brokerage in terms of revenues, is offering 1.229 billion H-shares at a price ranging...

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