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Chongqing bank drops plan for HK IPO

(Xinhua)
Updated: 2007-04-05 14:15

Chongqing Commercial Bank says it has abandoned plans to list in Hong Kong this year in favor of going public on one of the two Chinese mainland markets.

Listing on the mainland would happen this year, but the schedule was yet to be decided, said Zhang Fu, chairman of the bank.

However, Chen Jian, an analyst with Shanghai-based Shenyin Wanguo Securities Co, concluded that the change had been made because the move would help the Chongqing bank raise more capital.

"The stock exchanges in Shanghai and Shenzhen have been doing fine at present, and the price for yuan-denominated A shares will be higher than those in Hong Kong once the bank meets the requirements for going public," said Chen.

Zhang said the bank had received government approval to sell a 17-percent stake to Hong Kong's Dah Sing Bank, but it was still awaiting the go-ahead for the sale of a separate 7.99-percent stake to Carlyle, the Washington-based private equity fund.

Preparation for getting the bank's listing were underway.

"The details of listing won't be discussed until we get approval for both cases," said Zhang.

Founded in 1996, Chongqing Commercial Bank has 67 outlets and 1,300 employees, and its capital base totals 2.01 billion yuan (US$251 million).

The assets of the bank snowballed to 33 billion yuan by late last year. The bank had a 1.53-percent non-performing loan ratio, and its profits topped 500 million yuan.