Thursday, March 06, 2008

Shengjing bank eyes domestic IPO

China Shengjing Bank, formerly a city commercial bank located in Shenyang on Wednesday said it is preparing to launch domestic IPO.

The bank's governor Zhang Yukun, also a member of NPC said it has hired Galaxy Securities to deal with the listing plan during a short break when attending the annual session of NPC in Beijing, adding that it hopes to list in Shanghai, however, the bourse and date for the listing will be subject to the approval from China's top securities regulator.

In addition, the lender has no plan to introduce foreign investment in the near future.

By the end of last year, its capital adequacy ratio stood at 9.63%.

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