Guangzhou Rural Commercial Bank Seeks Approval for IPO
Guangzhou Rural Commercial Bank plans to seek approval from Hong Kong stock exchange for initial public offering. The share sale could potentially raise about $1billion. This IPO could be one of the largest in Hong Kong since Postal Savings Bank of China $7.6 billion offering in September 2016.
“This IPO could be one of the largest in Hong Kong since Postal Savings Bank of China $7.6 billion IPO in September 2016. “
Guangzhou Rural Bank is one of the Chinese regional banks that is seeking Hong Kong listings to increase their profile and capital for expansion. Hong Kong has raised $20.8 billion of first time share sales from the finance sector since the start of last year.
Related Report: Bloomberg
About Guangzhou Rural Commercial Bank (GRCB)
The Head Office of the Bank is located in Pearl River New Town Tianhe District ,Guangzhou.As of September 30, 2016, we had a total of 624 outlets.As of September 30, 2016, we had 7,099 full-time employees.The registered capital of the Bank was RMB8,153,418,539.
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