Haitong Securities, China’s second-biggest securities company by assets, is to raise HK$29.9bn ($3.9bn) in a Hong Kong private placement, in a deal other Chinese brokerages are expected to imitate next year.
Analysts said Haitong was not in immediate need of cash but saw an opportunity to raise cheap funds. Securities companies have fared particularly well during the recent Chinese equity rally, as investors bet that the broader stock market advance will boost profits from trading commissions amid record turnover.
The equity sale also suggests brokerages are reluctant to rely on debt to support expansion plans.
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