China’s Huishang Bank set for flat open in Hong Kong debut

HONG KONG - China's Huishang Bank Corp Ltd is set to start flat in its Hong Kong trading debut on Tuesday, after raising US$1.2 billion (S$1.6 billion) in the island city's biggest bank IPO in three years.

Huishang Bank shares were indicated to open at HK$3.53 (S$0.57), the same as their IPO price, according to Hong Kong stock exchange data. The initial public offering was marketed in a range of HK$3.47 to HK$3.88 per share.

Based in the booming industrial heartland of Anhui province, Huishang Bank became the second Chinese provincial lender to raise equity funds to bolster capital in the past month after Bank of Chongqing.

Huishang's debut is being closely by other Chinese lenders, including China Everbright Bank, Bank of Beijing and China Guangfa Bank, who are among companies seeking to a raise about US$11 billion through Hong Kong offerings.