Haitong Securities share sale to raise HK$29.9 bln

Haitong Securities Co Ltd has announced its intention to place out about HK$29.9 billion (US$3.85 billion) worth of new H-shares. The mainland stockbroker told the Hong Kong Stock Exchange that it would sell seven investors about 1.9 billion new shares, the equivalent of 128 percent of its present H-share capital, for HK$15.62 each. Haitong Securities said it would use about 60 percent of the proceeds to build up its margin financing and securities lending business, and 10 percent for working capital. The company’s international arm has branches in Macau and Hong Kong.