China Minsheng Banking Goes to Hong Kong For IPO Hearing

China Minsheng Banking Corp. (SHSE: 600016) announced on October 28, 2009 that the hearing for its listing on the Stock Exchange of Hong Kong would be carried out on the following day.

China Minsheng Banking plans to offer at most CNY 3.82 billion H shares through the IPO, including 498.255 million to be sold by underwriters with over-allotment options. Calculated at an estimated price of HKD 7 to CNY 8 per share, the Chinese bank is expected to raise about HKD 30 billion to enhance its capital adequacy ratio.

China Minsheng Banking said lately it had not decided when to carry out the road show and share offering, but insiders estimated the IPO to come into being at the end of November probably. As for most companies to list on the bourse, there are about three weeks between hearings and IPOs.

In addition, the bank achieved a net profit of CNY 7.374 billion in the first half of 2009, jumping 22.07% from the comparable period of 2008.

Source: www.cnstock.com (October 29, 2009)

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