Huatai opens the books on $1.65bn London GDR sale

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By Aidan Gregory
11 Jun 2019

Huatai Securities, the Chinese brokerage, has set the price range for its $1.65bn sale of global depositary receipts on the London Stock Exchange, enticing investors with a healthy discount to the Shanghai-listed A shares.

The offering is the first of its kind under the London-Shanghai stock connect programme, which allows companies in the UK or China to sell GDRs on each other’s exchanges. Huatai announced the transaction in November last year but the deal was delayed due to regulatory issues.

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