LONDON, June 11 (Reuters) - Huatai Securities, one of China's largest brokerages, on Tuesday set a price range of $20 to $24.50 per global depositary receipt (GDR), aiming to raise at least $1.2 billion in the first London offering of its kind, according to a bookrunner.
Huatai would become the first Chinese company to sell shares in London, effectively launching the long-awaited London-Shanghai stock connect project that was intended to begin late last year.
A planned December listing of Huatai was delayed at the last minute, with sources then citing uncertainty about how China's government would treat any currency conversion back into yuan.
China's State Administration of Foreign Exchange took steps to resolve such issues earlier this year.
The company, which has a range of businesses, including brokerage, wealth management and investment banking, plans to sell up to 82.5 million new GDRs, representing 10% of the company's total share capital.
Under the Connect, Shanghai-listed companies can raise fresh funds via London's stock market while British companies can broaden their investor base by selling existing shares in Shanghai.
The deal is expected to price on June 14, according to the bookrunner.
Huatai, whose yuan-denominated "A-shares" currently trade in Shanghai, is looking to use the proceeds of the listing to fund expansion at home and abroad. (Reporting by Clara Denina; Editing by Mark Potter)