Brokerage Huatai Securities said on Tuesday it seeks to raise as much as $2bn when it becomes the first Chinese company to list in London as part of a new link between the two market centres.
The Nanjing-based company, one of the biggest brokerages in China, said on Tuesday each global depositary receipt be priced between $20 and $24.5. The offer period is set to begin on Tuesday and will end on Friday, with a maximum 82.5m GDRs up for grabs.
Including the full exercise of the overallotment option, the sale is expected to raise between $1.7bn and $2.02bn and the number of GDRs will represent about 10 per cent of the company’s outstanding share capital.
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