Futu seals $1.2bn follow-on in choppy markets

By Jonathan Breen
21 Apr 2021

Chinese financial technology platform Futu Holdings has raised $1.24bn from a follow-on offering of its American depository shares (ADS). The issuer was able to navigate volatile markets thanks to support from a large global fund.

Bookrunners Bank of America and Haitong International priced the ADS sale on Wednesday morning in Hong Kong, with Futu settling at $130 a share, said a source close to the deal. The Nasdaq-listed company sold 9.5m ADS in the follow-on; each represents eight of its class A ordinary ...

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