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Huishang Bank adds 2% after HK listing
Print Edition
Shares of Huishang Bank Corp gained 2 percent yesterday after it became the second Chinese mainland lender to debut on the Hong Kong stock exchange in a week.
Its shares closed at HK$3.60 (46 US cents) yesterday.
Huishang Bank, the biggest city commercial bank in Anhui Province, managed to attract six cornerstone investors, including property developer Vanke Property (Overseas) Ltd and jewelry maker Chow Tai Fook, for its initial public offering. Its IPO was the biggest listing of a bank in Hong Kong in three years.
Huishang Bank’s net income jumped 14 percent from a year earlier to 2.5 billion yuan (US$407.8 million) during the first half of this year. Its net earnings for 2012 totaled 4.3 billion yuan, or an annual increase of 23 percent, according to media reports.
The Bank of Chongqing, a provincial lender, was listed in Hong Kong last week.
Several mainland lenders, including China Everbright Bank, the Bank of Beijing and China Guangfa Bank, are seeking to list in Hong Kong in the coming year.
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