Haitong Securities plans $3.86b HK private share placement

Pedestrians walk past a signboard of Haitong Securities in Shanghai, March 6, 2013.[Photo/IC]

Chinese stock brokerage Haitong Securities said it plans to raise HK$29.94 billion ($3.86 billion) in a private share placement in Hong Kong.

In a statement issued late on Sunday, the brokerage said it would issue 1.917 billion new Hong Kong-listed H-shares at HK$15.62 each to a number of institutional investors, including Dawn State Ltd, Vogel Holding Group Ltd and Amtd Special Holdings Ltd.

Proceeds would be used in margin trading in the Chinese mainland and other business expansion, the brokerage said in a filing to the Shanghai Stock Exchange, with any surplus to be used to supplement working capital.