Bank of Shang­hai’s IPO size to be halved

China Daily (USA) - - BUSINESS -

Bank of Shang­hai has been given per­mis­sion for an IPO on the Shang­hai bourse, the lat­est of China’s small and medium-sized lenders to go public af­ter nearly a decade of ap­proval sus­pen­sion. Ac­cord­ing to the bank’s prospec­tus, it planned to raise at least 19 bil­lion yuan ($2.9 bil­lion) to re­plen­ish cap­i­tal, but the fig­ure is likely to be at least halved.

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