Haitong UniTrust International Leasing Co. Ltd. set the price range for its Hong Kong IPO, proposing an offering of 1,235,300,000 shares at between HK$1.88 and HK$2.08 apiece.

The shares on offer represent approximately 15% of the Haitong Securities Co. Ltd. unit's post-offering Hong Kong-listed shares in issue. The IPO is expected to raise between HK$2.32 billion and HK$2.57 billion.

If the overallotment option is exercised in full, the offering will comprise 1,420,594,000 shares, or 16.9% of the Hong Kong-listed shares in issue.

Haitong UniTrust International Leasing is a Chinese financial leasing company, and has businesses including financial leasing, operating leasing, entrusted loans and other loans, and advisory services.

The company plans to us 60% of the net proceeds to expand its financial leasing and factoring businesses, 30% to develop its overseas aircraft leasing business and the remaining 10% for working capital.

Haitong International Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd., Citigroup Global Markets Asia Ltd. and CMB International Capital Ltd. are joint sponsors for the offering.

The final offer price is expected to be announced May 31, and trading in the shares on the Hong Kong bourse is expected to begin June 3.