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Huatai Securities to Offer GDRs in London via Stock Connect

By Timmy Shen / Jun 05, 2019 11:44 AM / Finance

Photo: IC Photo

Photo: IC Photo

Shanghai-listed Huatai Securities plans to raise at least $500 million on the London Stock Exchange by offering up to 82.5 million global depositary receipts (GDRs) via the Shanghai-London Stock Connect, the brokerage said in a Tuesday filing.

“The offering will further improve Huatai’s core competitiveness by supporting the growth of our international business, further expanding our overseas footprint, and strengthening our capital position,” Zhou Yi, chairman and president of Huatai, said in the filing.

Huatai last year brought in strategic investors such as Alibaba and Suning, according to the filing.

The 82.5 million GDRs the company plans to issue represent 10% of the brokerage’s total ordinary share capital prior to the offering.

Related: Regulators Quadruple Limits on Stock Links

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