Reuters: Private Equity: UPDATE 1-China's No 2 broker prices HK offer near bottom

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UPDATE 1-China's No 2 broker prices HK offer near bottom Apr 20th 2012, 08:33 Fri Apr 20, 2012 4:33am EDT * Deal priced at HK$10.6, near bottom of indicative range-sources * Haitong's offering to raise about $1.7 billion to fund growth * Shares to begin trading in Hong Kong on April 27 HONG KONG, April 20 (Reuters) - Haitong Securities Co Ltd, China's second-biggest brokerage by assets, priced its $1.7 billion Hong Kong share offering near the bottom of an indicative range on Friday, leaving room for its shares to climb at the start of trading and draw more investors in what has been a slow market for listings in 2012. As the biggest public offering of new shares in Asia Pacific so far in 2012, Haitong's deal has been closely watched by investors, bankers and a growing list of companies hoping to raise funds in Asia's top IPO destination. Haitong, which is already listed on the Shanghai stock exchange, is selling 1.229 billion new shares at HK$10.6 each, putting the total deal at HK$13.03 billion ($1.68 billion), sources with direct knowledge of the deal said. It had marketed the offer at an indicative range of HK$10.48-$11.18 each. The sources were not authorised to speak publicly on the details of the share sale, while the company could not immediately be reached for a comment. The price of the Hong Kong offering is equivalent to a 16.7 percent discount to the Friday closing price of 10.33 yuan for Haitong's shares listed in Shanghai. "It always makes sense from a capital markets perspective to leave some money on the table," said a source involved in the Haitong deal, who was not authorised to speak publicly on the deal. The shares will begin trading in Hong Kong on April 27. Link this Share this Digg this Email Reprints

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