Haitong Securities to Raise $3.9B in HK Private Placement

The video discusses a day of market gains and the introduction of more shares from a company. David provides details on the company's $3.9 billion cash call and private placement of shares at a discounted price. Despite the discount, the shares are at a premium compared to six weeks ago, reflecting a rally in the market. The company plans to use the funds to expand its business, particularly in short selling and margin trading, following a trend among major Chinese brokerages since 2013.

Why is the valuation of the company being questioned in the text?

What role do high toxic and other brokerages play in the current market situation?