* China Merchants Securities is sponsor for IPO - sources
* Shengjing Bank filed listing application in China in 2009
(Adds bank financials, previous listing application in China)
By Fiona Lau and Ken Wang
HONG KONG, Aug 20 China's Shengjing Bank plans
to raise $1 billion through a Hong Kong initial public offering
this year, Thomson Reuters publication IFR reported on
Wednesday, citing sources familiar with the situation.
The Shenyang-based city commercial lender is scheduled to
file a listing application to the Hong Kong stock exchange as
early as September, IFR said.
China Merchants Securities is sponsor for the IPO and more
banks are expected to join as arrangers later, the sources said.
Shengjing Bank joined the queue of Chinese banks targeting a
Hong Kong listing after waiting for a few years to go public
domestically, IFR reported.
Huishang Bank, Bank of ChongQing and
Harbin Bank all listed in Hong Kong in the past year.
Shengjing Bank filed a listing application to the China
Securities and Regulatory Commission (CSRC) in 2009, but while
waiting for domestic approval, the lender has also explored an
overseas listing and sought shareholder approval for a Hong Kong
listing last August.
The lender filed a preliminary prospectus with the CSRC in
June to sell 900 million shares or about 13 percent of its
enlarged company capital in a proposed Shanghai listing.
Shengjing Bank will use the proceeds of its Hong Kong IPO to
replenish capital. As of Dec. 31, the bank's core Tier-1 capital
adequacy ratio stood at 10.08 percent.
The lender posted a net profit of 4.89 billion yuan ($796.1
million) on revenue of 8.87 billion yuan in 2013, according to
its preliminary prospectus.
Shengjing Bank officials could not be reached for immediate
comment. China Merchants Securities declined to comment. Sources
could not be named as they were not authorised to talk to media.
(1 US dollar = 6.1424 Chinese yuan)
(Reporting by Fiona Lau and Ken Wang of IFR; Writing by Stephen