Haitong Securities, China’s second-largest brokerage in terms of total assets and net assets, will kick off the bookbuilding for its revived Hong Kong initial public offering today, with a target to raise between HK$12.88 billion and HK$13.74 billion $1.66 billion to $1.77 billion. The deal will be done on an accelerated basis with the institutional and retail tranches running parallel to one another and the final price due to be set on Friday.
The deal, which was postponed in December due to volatile market conditions and a crowded issuance calendar, has a more robust commitment from cornerstone investors this time to ensure the listing is a success....