久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Economy

Markets

Industries

Insights

Reports

Events

Minsheng seeks $4.07b in Hong Kong: report

(Agencies)
Updated: 2009-11-09 16:42

China Minsheng Banking Corp, the country's seventh-largest bank, plans to raise as much as $4.07 billion in its November Hong Kong listing, according to a term sheet obtained by Reuters on Sunday.

Minsheng, which will kick off a formal marketing roadshow on Monday, is offering 3.32 billion shares, or 15 percent of its enlarged share capital. The listing are hitting the Hong Kong IPO market at a delicate time. Money flows into this high-growth region, combined with a strong economy and a red-hot stock market, have led to a surge of equity offerings. Despite an IPO market that seems crowded, the pipeline of equity deals remains long and contains several other multibillion-dollar listings. Still, the ranges given for Mingsheng suggest that demand remains strong.

Related readings:  Mingsheng net profit rises in 1st quarter  China Mingsheng Banking to sell bonds to investors  Assets of Mingsheng Bank on the rise  China Merchants Securities sets IPO price range

At a proposed price range of between HK$8.50 and HK$9.50 a share, Minsheng Bank is valued at 1.67 to 1.8 times 2010 book value -- after certain deal considerations -- estimated by joint bookrunners, a source close to the deal said. By comparison, its peer Bank of Communications, China's No 5 lender, trades at about 2.17 times 2010 book value, while China Merchant Bank and CITIC Bank trade at 2.75 times book and 1.66 times book value, respectively, according to a UBS research report.

Minsheng, which is already listed in Shanghai, was the first listed non-state lender in China, and has never received government support in terms of carving out bad assets.