<article>Jiangxi Bank Co., a commercial lender in eastern China, is seeking to raise as much as HK$7.79 billion ($993 million) in a Hong Kong initial public offering.</article>

Jiangxi Bank Co., a commercial lender in eastern China, is seeking to raise as much as HK$7.79 billion ($993 million) in a Hong Kong initial public offering.
The company is offering 1.17 billion shares at HK$5.94 to HK$6.66 apiece, according to a Hong Kong stock exchange filing Wednesday. Cornerstone investors, including state-owned Citic Guoan Group Co. and Chinese online lender Dianrong’s investment affiliate, have agreed to buy as much as 55 percent of the offering.
Jiangxi Bank will add to the $4.6 billion raised through Hong Kong first-time share sales this year, data compiled by Bloomberg show. Chinese financial companies trading in the city have been lagging the overall market, and recent new listings from the industry like Shandong International Trust Co. and Bank of Gansu Co. are trading below their offer prices.
An investment vehicle backed by Yango Group founder Lin Tengjiao will be the largest cornerstone investor in Jiangxi Bank’s offering, agreeing to invest HK$1.4 billion, Wednesday’s filing shows. Zhonghua Financial Holdings Ltd. and Chinese-owned insurer FTLife Insurance Co. also committed to buy stock in the deal. Such cornerstone buyers typically agree to hold their shares for six months in exchange for early, guaranteed allocation.
Jiangxi Bank expects to price the offering around June 19 and start trading June 26, according to the filing. CCB International Capital Ltd. and CLSA Ltd. are joint sponsors of the offering.
Bloomberg

Jiangxi Bank Co., a commercial lender in eastern China, is seeking to raise as much as HK$7.79 billion ($993 million) in a Hong Kong initial public offering.

China's Jiangxi Bank pulls Citic, Dianrong to buy 55% of $993 HK IPO

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China's Jiangxi Bank pulls Citic, Dianrong to buy 55% of $993 HK IPO

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