Harbin Bank prices IPO near bottom

Investment from "friends and family" enables another Chinese bank to scrape across the finish line.

Harbin Bank has priced its Hong Kong initial public offering slightly above the bottom end of its indicative price range on Tuesday morning.  The 3.02 billion share deal for the Chinese bank came in at HK$2.9 per share, raising HK$8.76 billion $1.1 billion pre greenshoe.

The deal is Asia’s second largest IPO of the year-to-date, following the $3.1 billion listing of Hong Kong Electric Investments, a trust spun-off from Hong Kong tycoon Li Ka-shing’s Power Assets.

At first glance it seems surprising the deal will get done at all.  Harbin is the fourth Chinese bank to list on the Hong Kong Stock Exchange...

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