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BofAML: GUOTAI JUNAN I (01788.HK) Places Shares; Expected Diluted ROE Down to 14.5%

GUOTAI JUNAN I (01788.HK)  -0.040 (-1.294%)    Short selling $117.16M; Ratio 4.726%   announced that it proposed to place up to 700 million shares by top-up subscription at $2.85 each, raising up to $1.995 billion gross proceeds, cited Bank of America Merrill Lynch in its report. 

The research house expected that after the placing, the return on equity (ROE) dilution will be about 10% and the ROE will drop to 14.5% this year from 16.2%. GUOTAI JUNAN I was maintained at Buy with target price of $3.5. 

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