Chinese private equity firm CITIC Capital has agreed to commit HK$1.16 billion ($150 million) to the initial public offering of Harbin Bank, according to media reports.
Harbin, Heilongjing province-based Harbin Bank plans to sell 3.02 billion shares at a maximum price of HK$3.33 apiece, raising around US$1 billion.
The bank originally planned to list on the Hong Kong stock exchange on March 31 but now has delay the offering to June.
Fubon Life Insurance, an insurance unit of Fubon Financial Holdings, one of Taiwan’s largest financial firms, will also buy US$290 million worth of shares.
The other cornerstone investors are China Fortune Finance Holding, Wah Tao International Fund, Chongqing Tian Tai Real Estate Development, Boom Win Holdings and Introwell.
The seven institutional investors will take up US$510 million, covering a total of 43% of the institutional tranche of the IPO.
Harbin Bank recorded a net profit of RMB4.2 billion ($691 million) this year, up 24% from RMB3.4 billion last year, according to a report from DBS Vickers, one of the underwriters of the IPO.
Founded in 1997, Harbin Bank lend to small businesses in Helongjiang province and has an estimated market share of 11%.