Bank of Qingdao IPO Raises $607 Million Priced at Low End
ByBank of Qingdao Co., the Chinese lender backed by Italy’s Intesa Sanpaolo SpA, and an existing investor raised $607 million after pricing a Hong Kong initial public offering at the low end of a marketed range, people with knowledge of the matter said.
The lender based in eastern China’s Shandong province and one of its shareholders, the National Council for Social Security Fund, sold 990 million shares at HK$4.75 apiece, the people said, asking not to be identified as the information is private. The shares were offered at HK$4.75 to HK$5.21 each, according to a prospectus posted to the Hong Kong stock exchange Nov. 20.
China’s city commercial banks are seeking to replenish capital to expand out of their home bases and compete with larger, better-funded rivals. Bank of Jinzhou Co. is taking orders for a $943 million Hong Kong IPO, while Bank of Zhengzhou Co. plans to seek more than $500 million from a Hong Kong share sale next month, people with knowledge of the matter said earlier…
Bank of Qingdao IPO Raises $607 Million Priced at Low End
