Investors gain big on planned bank float
Print Edition
THE Bank of Jiangsu plans to launch an initial public offering that could raise up to 40 billion yuan (US$6.4 billion), boosting stock prices of the lenders’ shareholders.
The Nanjing-based bank plans to issue 2.6 billion shares in Shanghai, which could be worth 40 billion yuan if it is priced at 15.39 yuan a share, or 23 times earnings, a typical valuation for banks in China, according to a statement posted on the website of China Securities Regulatory Commission.
If listed, the bank would be the first provincial lender to go public on the Chinese mainland in eight years, and will rival the recent mega listings of Guotai Junan Securities and China National Nuclear Power Co.
Huatai Securities Co, which holds 6.2 percent stake in the Bank of Jiangsu, rose 1.8 percent to 30.19 yuan on the Shanghai Stock Exchange yesterday.
Jiangsu Hongtu High Technology Co, owner of 100 million shares in the bank, jumped 1.6 percent to 23.60 yuan.
Shenzhen-listed shareholders Jiangsu Shagang Group and Jiangsu Huaxicun Co also jumped 5.5 percent and 4.1 percent, respectively.
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