Zheshang Bank completes $1.69b IPO

The Zhejiang-based lender will be the ninth Chinese joint-stock commercial banks to go public, leaving just three that remain unlisted.

China Zheshang Bank raised HK$13 billion $1.69 billion through an initial public offering in Hong Kong on Tuesday, marking yet another milestone for the country’s banking system in its pursuit of private capital.

Zheshang Bank becomes the ninth of 12 Chinese joint-stock commercial banks -- second-tier lenders that rank just below the so-called Big Four -- to publicly float its shares.

One source familiar with the deal said the final price for the IPO was set at HK$3.96 against an indicative price range of between HK$3.92 and HK$4.12, giving the Zhejiang-based lender a pre-shoe market capitalisation of $8.96 billion.

Zheshang...

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