Yibin City Commercial Bank Co. is considering a Hong Kong initial public offering that could raise about $200 million to $300 million, according to people familiar with the matter.
(Bloomberg) — Yibin City Commercial Bank Co. is considering a Hong Kong initial public offering that could raise about $200 million to $300 million, according to people familiar with the matter.
The Chinese lender is working with CCB International Holdings Ltd. and ICBC International Holdings Ltd. to prepare for the first-time share sale, which could take place as soon as this year, said the people, who asked not to be identified as the information is private.
Considerations are preliminary and details of the offering such as size and timing could change, the people said. Representatives for CCBI, ICBCI and Yibin City Commercial Bank didn’t immediately respond to requests for comment.
If successful, Yibin City Commercial Bank would be the first bank to list in the Asian financial hub since Dongguan Rural Commercial Bank Co. raised about $1.2 billion in its September 2021 IPO, according to data compiled by Bloomberg. Xiamen International Bank Co. is considering a Hong Kong IPO that could raise about HK$10 billion ($1.3 billion), Bloomberg News reported last year.
Founded in 2006, Yibin City Commercial Bank has 38 branches in its hometown and nearby Neijiang city, both in Sichuan province, according to its website. It reported a net profit of 261 million yuan ($38 million) in 2021, a 70% increase from the year before, according to its annual report.
–With assistance from Zheng Li.
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