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Chinese bank floats IPO

Mid-sized Chinese bank Shengjing Bank Co launched a Hong Kong IPO to raise up to $1.4 billion for bolstering its capital and to support lending growth. The bank, based in the capital of Liaoning province in northern China, is among a series of commercial lenders that have gone public in Hong Kong over the past year to strengthen their balance sheets. Shengjing’s IPO consists of 1.38 billion shares offered in an indicative range of HK$7.43 ($1) to HK$7.81 each, the terms showed. About 91% of the shares on offer are new shares. The bank received commitments worth $700 million from seven cornerstone investors, including Bondic International – a holding company controlled by real estate tycoon Cheung Chung Kiu – and Sheng Yuan Asset Management, with $200 million each, and Chow Tai Fook with $100 million.

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