Chongqing Rural Commercial Bank, one of China’s largest lenders to farmers and small businesses, plans to raise up to $1.78bn in an initial public offering in Hong Kong in what is expected to be the first in a wave of listings by smaller rural-focused Chinese banks.
The bank launched its IPO roadshow in Hong Kong on Monday in spite of an uncertain market that prompted at least two other companies to cancel their planned listings in the city in the last week.
CRCB will sell 2bn new shares for between HK$4.50 and HK$6.00, raising as much as $1.55bn, or up to $1.78bn if investors show a lot of interest and a “greenshoe” over- allotment quota is exercised.
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