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

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

According to a term sheet for the deal seen by Reuters on Tuesday, Jiangsu Huijin joined Chow Tai Fook, controlled by Hong Kong jewelry and property billionaire Cheng Yu-Tung, Chinese property group China Vanke Co Ltd and three other cornerstone investor pledging to buy up to $639 million worth of shares in the IPO.

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

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