Haitong Securities returns with HK IPO of up to $1.77 billion

Haitong Securities, China’s second-largest brokerage in terms of total assets and net assets, will kick off the bookbuilding for its revived Hong Kong initial public offering today, with a target to raise between HK$12.88 billion and HK$13.74 billion ($1.66 billion to $1.77 billion). The deal will be done on an accelerated basis with the institutional and retail tranches running parallel to one another and the final price due to be set on Friday.