Huishang Bank launches $1.3 bln HK IPO, adds cornerstone investor

Reuters

HONG KONG, Oct 29 (Reuters) - Huishang Bank Corp Ltd, thelargest city commercial bank in central China, has added JiangsuHuijin to the roster of investors buying into an initial publicoffering of shares in Hong Kong that could be worth up to $1.3billion.

According to a term sheet for the deal seen by Reuters onTuesday, Jiangsu Huijin joined Chow Tai Fook, controlled by HongKong jewelry and property billionaire Cheng Yu-Tung, Chineseproperty group China Vanke Co Ltd and three othercornerstone investor pledging to buy up to $639 million worth ofshares in the IPO.

The deal is the biggest in Hong Kong by a bank sinceChongqing Rural Commercial Bank raised $1.7 billion inits IPO in September 2010, according to Reuters data.

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

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