Regional Chinese lender Bank of Qingdao raised HK$4.65 billion $607 million from an initial public offering in Hong Kong on Thursday to help bolster its sub-par capital adequacy ratios.
The bank, which is based in the northeastern coastal province of Shandong and is backed by Italy's Intesa Sanpaolo, sold 900 million shares. A group of 18 shareholders raised a further $61 million through a concurrent sale of 90 million shares, according to the bank’s IPO prospectus.
Final pricing was fixed at the bottom end of Bank of Qingdao's HK$4.75 to HK$5.21 indicative price range, which came as little surprise after...
¬ Haymarket Media Limited. All rights reserved.
