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Shareholders of Bank of Jiangsu rise on the bank’s IPO plan
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SHAREHOLDERS of Bank of Jiangsu rose today, bucking the trend of a dropping broad market in Shanghai and Shenzhen as the provincial lender plans to launch an initial public offering that could raise up to 40 billion yuan (US$6.4 billion).
Huatai Securities Co, who held 6.2 percent stake of the bank, increased 1.8 percent to 30.19 yuan in Shanghai Stock Exchange on Monday. Jiangsu Hongtu High Technology Co, the owner of 100 million shares of the bank, increased 1.6 percent to 23.6 yuan in Shanghai.
Its Shenzhen-listed shareholders Jiangsu Shagang Group and Jiangsu Huaxicun Co also jumped 5.5 percent and 4.1 percent.
The Nanjing-based bank plans to issue no more than 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 file posted on the China Securities Regulatory Commission's website on Friday.
If listed, the bank would be the first Chinese provincial lender to go public on the China’s mainland in about eight years, and will rival the recent mega listings from Guotai Junan Securities and China National Nuclear Power Co.
City commercial lenders have been eying the domestic equity market for years but none have gone public since 2007 when Bank of Beijing, Bank of Nanjing and Bank of Ningbo listed in Shanghai.
With the pace go faster for the regulator to audit IPOs in A shares, more provincial banks aim to go public in A shares.
The Hong Kong-listed Harbin Bank Co said in a May 13 note to issue no more than 3.7 billion of A shares to raise 9.8 billion yuan, while Huishang Bank Co last month was said to issue 1.2 billion A shares with a year.
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