Haitong Securities aims to finalise its initial public offering pricing by next Friday and will launch its on-again-off-again listing within a month, according to market sources. The mainland brokerage firm, which is also listed in Shanghai, was forced to pull a planned listing in December as its share price bottomed out at 7.41 yuan (HK$9.09) amid fears of a hard landing in China. Haitong has rebounded more than 44 per cent this year, and closed yesterday 4.4 per cent higher at 10.22 yuan. Sources said they believed it was a good time for the firm to fix a higher offering price. Under listing rules, H shares cannot be offered at a discount of more than 15 per cent on the A-share price. The indicative price range of Haitong was fixed between HK$9.38 and HK$10.58 per share last year, which would have raised up to HK$13 billion in a sale of 1.23 billion new shares. Using yesterday's closing price as a guide, the issuer would have to increase the offer price to at least HK$10.70 per share. According to the listing prospectus published on the Hong Kong stock exchange website in December, Haitong has two cornerstone investors - private equity firm Warburg Pincus and Japanese trust bank group Sumitomo Mitsui Trust, who have promised to invest a total of US$222 million in the IPO. While the cornerstone investors for the revised listing have not yet been released, a person close to the deal said some of the cornerstone investors in Citic Securities' Hong Kong listing last year might join the Haitong deal. Citic's cornerstone investors were: Ivy Investment, owned by New York-listed financial firm Waddell and Reed Financial; government-owned Kuwait Investment Authority; Singapore's investment arm Temasek; Brazilian investment bank BTG Pactual; Taiwanese firm Fulbon Life Insurance; and global hedge fund OZ Master Funds. Citigroup, Credit Suisse Deutsche Bank, JP Morgan and Haitong International are joint global co-ordinators on Haitong's IPO.