Haitong boosts upcoming IPO size

Haitong Securities said that it will boost the number of shares sold through its upcoming initial public offering in Hong Kong, indicating that the firm is looking to take advantage of a mending stock market, The Wall Street Journal reported. Haitong will increase the number of shares on offer to 1.23 billion from one billion, increasing the potential size of the IPO to US$1.77 billion from US$1.5 billion.  A list of cornerstone investors for the IPO is due to be released on Tuesday. Haitong is China’s second-largest brokerage by assets after Citic Securities (600030.SH, 6030.HKG), which launched a US$1.7 billion IPO last October. Haitong, along with a series of other potential blockbuster IPOs, had planned to launch its IPO last year before postponing the deal on weak market sentiment.