HONG KONG :
- Commercial lender China Zheshang Bank Co Ltd launched on Monday an initial public offering worth up to US$1.75 billion in Hong Kong, the city’s first sizeable new listing this year, as companies step up efforts to raise funds.
- The bank, based in China’s eastern Zhejiang province, is offering 3.3 billion shares in an indicative range of HK$3.92 to HK$4.12 each, Thomson Reuters publication IFR reported, citing a term sheet of the transaction.
- The shares are equivalent to 19% of Zheshang Bank’s enlarged share capital.
- The IPO would be the largest in Hong Kong since a US$1.9 billion listing in December from China Energy Engineering Corp Ltd.
- Hong Kong, which replaced New York in 2015 as the world’s biggest IPO market by the amount of funds raised, has seen just US$800 million of new listings so far this year. But activity is expected to pick up in the coming weeks with other offerings including an up to US$1 billion deal from commercial lender Bank of Tianjin.