Haixia Fund Said to Price $817 Million Haitong Sale at Low End
ByHaixia Capital Management Co., a Chinese state-backed investment firm, raised $817 million selling its entire stake in Haitong Securities Co. at the bottom end of a marketed range, a person with knowledge of the matter said.
A fund managed by Haixia Capital sold 569.4 million shares of the Chinese brokerage at HK$11.12 apiece, the person said, asking not to be identified as the information is private. The price represents a 20 percent discount to Haitong’s last close in Hong Kong.
Haixia Capital offloaded its stake at a loss after a 45 percent plunge in Haitong’s Hong Kong-traded shares over the past month. A flurry of measures to stabilize the Chinese stock market, including a pledge by state-run financial firms to buy 120 billion yuan ($19.3 billion) of shares and a halt to initial public offerings, is failing to stop a rout that erased more than $3.2 trillion of value…
Haixia Fund Said to Price $817 Million Haitong Sale at Low End
