Haitong Securities joins Hong Kong IPO rush

Haitong Securities, which is already listed in Shanghai, yesterday launched the international roadshow for a Hong Kong initial public offering of between HK$11.53 billion and HK$13 billion $1.48 billion to $1.67 billion.

This is the third IPO above $1 billion to launch in Hong Kong this week after Chow Tai Fook Jewellery and New China Life Insurance, giving the market a lot of paper to absorb this close to year-end especially in a year when investors have lost money on most new listings.

Haitong, which is China’s third largest brokerage in terms of revenues, is offering 1.229 billion H-shares at a price ranging...