Haitong launches up to $1.77 bln HK offering -source

HONG KONG, April 17 Mon Apr 16, 2012 7:33pm EDT

HONG KONG, April 17 (Reuters) - Haitong Securities Co Ltd , China's No.2 brokerage by assets, launched on Tuesday an up to $1.77 billion Hong Kong share offering, tapping equity markets to fund overseas takeovers and growth of its margin finance, hedge fund and private equity businesses.

The company is offering up to 1.229 billion new shares at an indicative price range of HK$10.48 to HK$11.18 each, said a source with direct knowledge of the terms who was not authorized to speak publicly on the matter.

At the top of the range, the stock sale would total HK$13.74 billion ($1.77 billion), making it the largest public offering in Asia Pacific so far this year.

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