June 14, 2019 / 9:19 AM / 4 months ago

Chinese brokerage Huatai prices London listing at bottom of range

LONDON, June 14 (Reuters) - Huatai Securities has priced its London stock market listing at $20.50 per global depositary receipt (GDR), at the bottom of its indicated price range, in a deal that will help it to raise about $1.5 billion, the company said on Friday.

Huatai, one of China’s largest brokerages, is expected to make its London market debut on June 17, becoming the first Chinese company to sell shares in Britain.

It had targeted a price range of $20 to $24.50 per GDR, hoping to raise about $1.8 billion.

Huatai’s listing will effectively launch the long-awaited London-Shanghai stock connect project. (Reporting by Pamela Barbaglia Editing by David Goodman)

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