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Minsheng Bank to Issue IPO
China Minsheng Banking Corp, one of the country's non-State banks is set to make its initial public offering (IPO), bank officials said recently.
The bank will issue 350 million A shares in an effort to raise 4.09 billion yuan. The shares, with a price at 11.8 yuan each, will be listed on the Shanghai Stock Exchange next Monday.
"The listing will fuel new investment in China's stock market and upgrade the composition of listed companies, " Jing Shuping, president of the bank was quoted as saying by today's China Daily.
Minsheng is the first financial firm to list on the stock market since the China Securities Regulatory Commission released the Regulation on Information Disclosure of Financial IPOs on November 14.
Funds raised through the issue will primarily be used for the expansion of the bank's business nationwide and strengthening of its ability to withstand financial risks.
The deal marks a major step forward in China's financial system reform and a follow-through in the opening up of China's financial services.
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