Guangzhou Ru­ral Bank eyes US$1b IPO

New Straits Times - - Business -

HONG KONG: Guangzhou Ru­ral Com­mer­cial Bank Co plans to seek ap­proval from the Hong Kong stock ex­change this week for an ini­tial pub­lic of­fer­ing, said sources. The share sale could raise about US$1 bil­lion (RM4.33 bil­lion), said the sources. The lender was among Chi­nese re­gional banks, in­clud­ing Bank of Ji­u­jiang Co, that are seek­ing Hong Kong list­ings as a way to boost their pro­file and raise cap­i­tal for ex­pan­sion. The Asia hub has hosted US$20.8 bil­lion of first-time share sales from the fi­nance sec­tor since the start of last year, Bloomberg data showed.

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