China's Huishang Bank sets price range for up to $1.3 bln Hong Kong IPO -source
HONG KONG Oct 26 (Reuters) - Huishang Bank Corp Ltd plans to launch its Hong Kong IPO next week, seeking to raise up to $1.3 billion, a person with direct knowledge of the matter told Reuters on Saturday, becoming the second of several mainland Chinese lenders to tap capital markets to bolster their balance sheets.
Huishang Bank is offering 2.61 billion shares in a range of HK$3.50 to HK$3.88 each, putting the total deal value at up to HK$10.13 billion ($1.31 billion), added the person who was not authorized to speak publicly on the matter.
Huishang Bank could not be reached for a comment immediately.
Huishang Bank's IPO follows in the footsteps of Bank Of Chongqing, which is seeking to raise up to $593 million in a Hong Kong offer. Bank of Chongqing is set to price its up to $593 million IPO on Oct. 31.
Several other small and medium-sized Chinese lenders have sought listings in Hong Kong after waiting several years for approval from the securities regulator in mainland China.
BOC International, Citic Securities International , JPMorgan, Morgan Stanley and UBS AG are leading the transaction.