Bank of Chongqing Launches $593M HK IPO

Chinese city commercial lender Bank Of Chongqing is launching a US$593 million IPO at the Hong Kong Stock Exchange.

The offering plans to issue 707 million shares in a price range of HK$5.60 to HK$6.50 per share.

Bank of Chongqing says it will use the net proceeds to strengthen the bank’s capital base to support business growth.

Chongqing Yufu Asset Management currently holds a 20.14% stake of the bank, while Dah Sing Bank holds 20%.

Bank of Chongqing has three cornerstone investors: National Bank of Canada, Chongqing Beiheng Investment & Developmen and China Fortune Finance Holdings.

They subscribed 131.81 million shares in total, or 4.89% of shares to be issued.

Goldman Sachs and Morgan Stanley are serving as joint global coordinators of the Chongqing IPO. ABC International, BoCom International, CCB International, China International Capital Corp are also acting as joint bookrunners.

China Expert network
China Expert network