Huatai Securities sets offering price at $20.50 per GDR

Maria Nikolova

The offering comprises 75,013,636 GDRs equating to an offer size of US$1,538 million.

Further to the earlier announcement by Huatai Securities Co., Ltd. (SHA:601688), a technology-enabled securities group in China, about the price range for its proposed offering of Global Depositary Receipts (GDRs), the company today announces the offer price.

Huatai confirms the successful pricing for its offering of GDRs representing its A shares at US$20.50 per GDR, with each GDR representing ten A shares of the company, each with a fully paid nominal value of RMB1.00 each.

The offering comprises 75,013,636 GDRs equating to an offer size of US$1,538 million and representing 9.1% of Huatai’s outstanding share capital. In addition, up to a further 7,501,364 GDRs are being made available by the over-allotment option which, if exercised in full, would increase the offer size to USD1,692 million, representing 82,515,000 GDRs in total and 10.0% of the company’s outstanding share capital.

Conditional dealings in the GDRs on the London Stock Exchange are expected to begin on a “when-issued” basis on June 17, 2019. The GDRs are expected to be admitted to listing on the standard segment of the Official List maintained by the FCA and to trading on the Shanghai-London Stock Connect segment of the main market for listed securities of London Stock Exchange plc, and unconditional dealings in the GDRs are expected to commence, on June 20, 2019.

Zhou Yi, Chairman and President of Huatai, commented:

“We are proud to announce the successful pricing of Huatai’s GDR Offering. The Offering and Huatai’s listing on the London Stock Exchange not only represents a significant corporate milestone for Huatai but also opens a gateway for international investors to share in the rapid development of China’s financial services market. The strengths of Huatai’s business model, strategy and growth potential as a leading PRC securities group were recognised during our recent investor roadshow and we are delighted to welcome all our new shareholders.”

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