Banking News
- Regulator approves two banks' IPOs
Date: 25-Jun-2007 Sources: (Shenzhen Daily)
THE stock market regulator said Friday it has approved applications from Bank of Nanjing and Bank of Ningbo to launch initial public equity offerings (IPOs) that analysts expect to raise a combined US$1.8 billion.
The China Securities Regulatory Commission made the announcement on its Web site, putting the Nanjing and Ningbo banks on track to become the country's first city commercial banks to float shares. Nanjing Bank plans to issue up to 700 million A shares, or 36.72 percent of its enlarged capital after the IPO, for a listing on the Shanghai Stock Exchange, it has said. Ningbo Bank plans to float as much as 450 million A shares, or 18 percent of its enlarged capital, for a listing on the Shenzhen Stock Exchange. It will be the first major IPO on the Shenzhen bourse since the early 2000s.
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