Haitong to raise $526m PE fund

Haitong Securities (600837.SHA, 6837.HKG), China’s second largest brokerage, is looking to raise US$526 million for a yuan- and dollar-denominated fund that will buy controlling stakes in consumer goods and services firms, The Wall Street Journal reported, citing anonymous sources. The brokerage’s private equity arm hopes to raise RMB2 billion (US$326 million) to focus on mainland firms. The US$200 million in dollars will target companies that can develop in China, in what will be Haitong’s first fund denominated in the US currency. The PE move comes after No. 1 brokerage Citic Securities (600030.SHA, 6030.HKG) raised its first buyout fund last year.