Saturday, April 21, 2012

China brokerage raises US$1.68b in Hong Kong IPO: report

HONG KONG: China's second largest brokerage Haitong Securities Co. raised $1.68 billion in an initial public offering (IPO) in Hong Kong, the world's biggest IPO this year, a report said on Friday.

Dow Jones Newswires quoted unnamed sources familiar with the IPO as saying the Shanghai-listed brokerage sold 1.23 billion shares at HK$10.60 each, the bottom of the indicative price range.

The firm will list on the Hong Kong stock exchange on April 27.

Haitong Securities revised up the low end of its price range from HK$10.48 to HK$10.60 due to strong demand from investors.

The IPO is expected to test investor sentiment following last year's stock market volatility and the eurozone debt crisis, which prompted several firms to cancel or postpone listings, including Haitong.

Hong Kong overtook New York in 2009 to become the world's top IPO market, as a slew of companies turned to the Asian financial hub to tap mainland China's explosive growth and cash-rich investors.

- AFP/al

View the original article here

Source Form Channel News Asia

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