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Luzhou Bank Launches IPO in Hong Kong

Published 12/04/2018, 01:23 AM
Updated 12/04/2018, 01:23 AM
© Reuters.

Investing.com - Luzhou City Commercial Bank launched its IPO on Tuesday, selling 54.574 million H-shares at HK3.4 maximum per share.

In the company’s prospectus, Luzhou said it is the largest commercial bank in Luzhou in terms of total assets. As of Jun. 30, the bank claimed to have over 7,200 corporate banking customers and more than 647,000 retail banking customers.

The company’s profit amounted to RMB376.8 million for the six months ended June 30, 2018. Total assets of the company increased from RMB31,763.6 million as of December 31, 2015 to RMB70,879.4 million as of December 31, 2017.

Its businesses in the financial market represent the biggest chunk of its operating income., according to the prospectus.

The IPO is set to complete next Monday. Luzhou’s H-shares will start trading on Dec. 17.

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