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6/14, 12:44 PM (Source: TeleTrader)
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Huatai Securities sets price for London listing

Chinese brokerage Huatai Securities announced the price for its London global depositary receipt (GDR) offering on Friday, media reported.

The Nanjing-based company said that it will offer 75 million GDRs, or 9% of its outstanding share capital, at a price of $20.50 each, which would net it a potential sum of $1.5 billion from that part of the sale. It will also make 7.5 million GDRs available as part of an overallotment option, which would increase the number of GDRs on offer to 82.5 million, or 10% of its share capital, and its potential total earnings to $1.7 billion.

Media previously reported that Huatai was looking to price each GDR at between $20 and $24.50. The sale will mark the first time a company is making use of a liaison between the London and Shanghai stock exchanges. Conditional trading will begin on Monday in London with full trading set to follow on June 20.

Breaking the News / DZ