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Rural Chinese lender seeks Hong Kong IPO to recapitalize

Tight liquidity and swelling soured loans prompt bank listings

Gao Bing, Jilin Jiutai Rural Commercial Bank chairman, launched the bank’s IPO in Hong Kong on Dec 30. (Photo by Joyce Ho)

HONG KONG - In an environment of increasingly tight liquidity, a regional rural commercial bank in mainland China announced Friday that it planned to tap the Hong Kong market for an initial public offering.

Jilin Jiutai Rural Commercial Bank, based in the industrial and mining province of Jilin in northeastern China, said that it was looking to raise at least 3 billion Hong Kong dollars ($387 million) by selling 660 million shares and floating on the Hong Kong bourse. The shares are being marketed between HK$4.54-HK$4.76.

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