PAG sells $150 million of shares in Haitong Securities

The sale comes after the stock has gained about 28% since last year’s IPO in which PAG participated as a cornerstone investor.

Private equity firm PAG last night raised HK$1.16 billion $150 million by selling about 40% of its stake in Haitong Securities, making it the first of the two major cornerstone investors in Haitong’s H-share IPO to reduce its stake.

The securities firm’s Hong Kong-listed shares have had a strong run during the past couple of months and the deal came after the share price hit a record high of HK$13.80 last Friday. Yesterday, the stock closed at HK$13.54, which translates into a gain of 27.7% since the Hong Kong IPO in April last year.

A source said the bookrunner had a leading order of...

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