China's Huishang Bank sets price range for up to $1.3 bln Hong Kong IPO -source

Reuters

HONG KONG, Oct 26 (Reuters) - Huishang Bank Corp Ltd plansto launch its Hong Kong IPO next week, seeking to raise up to$1.3 billion, a person with direct knowledge of the matter toldReuters on Saturday, becoming the second of several mainlandChinese lenders to tap capital markets to bolster their balancesheets.

Huishang Bank is offering 2.61 billion shares in a range ofHK$3.50 to HK$3.88 each, putting the total deal value at up toHK$10.13 billion ($1.31 billion), added the person who was notauthorized to speak publicly on the matter.

Huishang Bank could not be reached for a commentimmediately.

Huishang Bank's IPO follows in the footsteps of Bank OfChongqing, which is seeking to raise up to $593 million in aHong Kong offer. Bank of Chongqing is set to price itsup to $593 million IPO on Oct. 31.

Several other small and medium-sized Chinese lenders havesought listings in Hong Kong after waiting several years forapproval from the securities regulator in mainland China.

BOC International, Citic Securities International , JPMorgan, Morgan Stanley and UBS AG are leading the transaction.

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