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Haixia Fund Said to Price $817 Million Haitong Sale at Low End

Haixia 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.