Huatai Securities confirms intention to list GDRs on London Stock Exchange

Maria Nikolova

Huatai plans to proceed with an offering of up to 82,515,000 global depositary receipts with each GDR representing ten A shares of the company.

Huatai Securities Co., Ltd. (SHA:601688), a technology-enabled securities group in China, has earlier today confirmed its plans to list global depositary receipts (GDRs) on the London Stock Exchange.

The company plans to proceed with an offering of up to 82,515,000 GDRs with each GDR representing ten A shares of Huatai, each with a fully paid nominal value of RMB1.00 each. Thus, the offering represents up to 825,150,000 A Shares of the company, or 10% of the total ordinary share capital of the company prior to the offering.

The GDRs are expected to be admitted to listing on the standard segment of the Official List maintained by the United Kingdom Financial Conduct Authority (FCA) and to trading on the Shanghai-London Stock Connect segment of the main market for listed securities of London Stock Exchange plc.

The company expects to receive total proceeds from the offering of at least US$500 million. No securities are expected to be sold by existing shareholders of the Company as part of the Offering.

The final Offer Price will be determined following completion of the book-building process.

The intended use of the net proceeds received from the Offering will be:

  • To support the Group’s organic and inorganic growth of international businesses and expand overseas footprint;
  • To continuously invest in and further strengthen the Group’s current key business segments;
  • To further strengthen the Group’s working capital position and general corporate purposes.

Huatai will also apply to the Shanghai Stock Exchange (SSE) for admission to listing of the underlying A Shares which is expected to be effective on the date of Admission of the GDRs on the LSE.

The Offer GDRs are being offered and sold to persons that are institutional investors which are not “US persons” in “offshore transactions” within the meaning of Regulation S under the US Securities Act of 1933, as amended.

Zhou Yi, Chairman and President of Huatai, commented:

“We are pleased to reconfirm Huatai’s intention to list GDRs on the London Stock Exchange.

Huatai is a leading technology-enabled securities group in China. By combining our expertise in financial services with cutting-edge technologies, we have achieved industry leading position across all of our key businesses segments and established a unique business model characterized by our dynamic business ecosystem, advanced digital capabilities and platforms, and a highly engaging client base”.

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