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Haitong Securities sets H-share price range

Apr. 19, 2012 (China Knowledge) - Haitong Securities Co Ltd<600837>, China's second-largest brokerage firm by total assets, announced today that it has set a preliminary price range for its initial public offering in Hong Kong at HK$10.48 to HK$11.18 per share, 5% to 11% higher than the range of between of HK$9.38 and HK$10.58 it set in December last year.

The securities firm is expected to raise up to HK$13.74 billion through the IPO, the largest in Hong Kong this year so far.

Haitong Securities plans to issue 1.23 billion H shares in the deal. If an overallotment option is exercised, the company may issue an additional 184.41 million H shares.

Sources familiar with the matter said that 11 cornerstone investors, including private equity firm PAG and U.S.-based hedge fund D.E.Shaw, have agreed to invest US$577 million or HK$4.5 billion in the offering.
Haitong Securities will price the deal on Apr. 20 and be listed on the Hong Kong bourse on Apr. 27.

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