Huatai's GDRs leap in Britain's first IPO via London-Shanghai connect scheme
Reuters
Published Jun 17, 2019 09:22
Huatai's GDRs leap in Britain's first IPO via London-Shanghai connect scheme
LONDON (Reuters) - Global depositary receipts (GDRs) in China's Huatai Securities (SS:601688)
Under the newly-launched Connect scheme, Shanghai-listed companies can raise new funds via London's stock market while British companies can broaden their investor base by selling existing shares in Shanghai.
Finance minister Philip Hammond launched Stock Connect's first day of trading at the London Stock Exchange calling it a "a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia."
Huatai, one of China's largest brokerages, sold 75 million global depositary receipts (GDRs) at $20.50 each on June 14, the bottom of its price range, representing 9.1% of its outstanding share capital.
The stock rose 7.1% to $21.95 at 0802 GMT.
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Written By: Reuters
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