Zheshang Bank launches $1.75bln IPO

HONG KONG: Commercial lender China Zheshang Bank Co Ltd launched on Monday an initial public offering worth up to $1.75 billion in Hong Kong, the city's first sizeable new listing this year, as companies step up efforts to raise funds.The bank, based in China's eastern Zhejiang province, is offering 3.3 billion shares in an indicative range of HK$3.92 to HK$4.12 each, Thomson Reuters publication IFR reported, citing a term sheet of the transaction.

The shares are equivalent to 19 percent of Zheshang Bank's enlarged share capital.  The IPO would be the largest in Hong Kong since a $1.9 billion listing in December from China Energy Engineering Corp Ltd.  Hong Kong, which replaced New York in 2015 as the world's biggest IPO market by the amount of funds raised, has seen just $800 million of new listings so far this year. But activity is expected to pick up in the coming weeks with other offerings including an up to $1 billion deal from commercial lender Bank of Tianjin.