China's Haitong to raise HK$29.9b

Beijing

HAITONG Securities Co, China's second-biggest brokerage by market value, said it plans to raise HK$29.9 billion (S$5 billion) selling shares in a private placement in Hong Kong.

The company will sell 1.92 billion additional Hong Kong-listed shares at HK$15.62 each, it said in a statement.

The fund-raising comes as a stock-market boom and an expansion in margin financing boost China's brokerages and after the securities regulator called in May for the development of modern, globally competitive investment banks. Haitong said this month that one of its units is in discussions to acquire an investment bank in Port…