Bank of Jinzhou prices IPO near bottom

The regional lender opted against a big cornerstone tranche, the deal structure widely used by Chinese banks for their Hong Kong IPOs.

Bank of Jinzhou priced Hong Kong's second-largest initial public offering by a city commercial bank on Tuesday despite lacklustre demand from retail investors and the lack of a big cornerstone tranche. 

Final pricing came a day later than scheduled because of documentation issues but the Liaoning province-based lender was at least able to push the final price slightly off the bottom of the HK$4.64 to HK$5.54 indicative price range, a source familiar with the situation told FinanceAsia.

The price for the 1.32 billion share sale was set at HK$4.66 per share, generating total proceeds of HK$6.15 billion $790 million...

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