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Haitong Securities to exercise overallotment option

May. 21, 2012 (China Knowledge) - Haitong Securities Co Ltd<600837><6837>, China's second-largest brokerage firm by total assets, is expected to raise HK$1.36 billion through an overallotment option.

The company said in a statement filed with the Hong Kong Stock Exchange that it would issue additional 128 million H shares at HK$10.6 apiece, which will begin trading on the Hong Kong bourse on Tuesday.

The overallotment option will expand the company's initial public offering in Hong Kong to HK$14.38 billion. Previously, the brokerage company floated 1.23 billion H shares in Hong Kong.

In the first quarter of this year, Haitong Securities reaped a net profit of RMB 1.05 billion in the first three moths, 11.48% less in the same period of 2011. The company became the most profitable company among the 18 China-listed securities firms in the period, according to an earlier report from China Knowledge.

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