Chongqing bank raises $1.35 billion ahead of HK listing

Chongqing Rural Commercial Bank will become the ninth Chinese bank to list in Hong Kong after pricing its IPO at the mid-point of the indicated range and at a discount to Agricultural Bank.

Chongqing Rural Commercial Bank CRCB has priced its initial public offering at the mid-point of the indicated range for a total deal size of HK$10.5 billion $1.35 billion, and on Thursday will become the ninth Chinese bank to list in Hong Kong.

However, it will also be the first among the country’s city commercial banks to go public here. This means it is offering investors exposure to a slightly different part of China’s financial markets, where risks may be somewhat higher, but where the growth prospects are also outweighing those of the Big Four state-owned banks and the mid-cap national banks listed in Hong Kong.

Syndicate research reports argue that CRCB’s positioning...

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