Harbin Bank files for $1bn IPO, aims for Q2 listing

The Hong Kong Stock Exchange is set to welcome the arrival of another Chinese provincial lender after Harbin Bank filed for a $1bn IPO, according to a banker close to the deal.

  • 27 Jan 2014
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While any concrete timeframe will hinge on whether the HKEx gives the application its stamp of approval, bankers did reveal that Harbin Bank is potentially looking at a second quarter trading debut.

If successful, Harbin Bank will follow the footsteps of Bank of Chongqing, China Everbright Bank and Huishang Bank as the latest small to mid cap Chinese lender to float in Hong Kong.

The three banks raised a combined HKD36.7 billion (US$4.73 billion) last year although investor demand was mainly confined to Chinese investors and was fairly muted from global accounts.

One of the main concerns surrounding the initial public offerings (IPOs) of Chinese banks is that the China Securities Regulatory Commission does not allow banks to sell H-shares at below book value as reported in their latest financial results.

As a result many investors find bank H-shares expensive since a lot of the comps are trading below book value. Chongqing Rural Commercial Bank, for example, was trading at a price-to-book ratio of 0.72 on early Friday afternoon.

Founded in 1997, Harbin Bank has 15 branches in China and recorded revenues of Rmb7.64 billion (US$1.25 billion) for the year ended December 31, 2012. The company had assets worth Rmb270 billion, while its capital adequacy ratio was 13.13%.

ABC International, Bank of China International and CICC has been mandated as the IPO’s sponsors, with other banks expected to join at a later stage.

  • 27 Jan 2014

Bookrunners of International Emerging Market DCM

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1 Citi 3,599.18 10 11.11%
2 HSBC 1,925.24 7 5.94%
3 Bank of America Merrill Lynch 1,736.50 8 5.36%
4 Itau BBA 916.67 2 2.83%
5 Bradesco BBI 900.00 2 2.78%

Bookrunners of LatAm Emerging Market DCM

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1 Citi 2,421.53 5 33.29%
2 HSBC 937.89 2 12.90%
3 Itau BBA 916.67 2 12.60%
4 Bradesco BBI 900.00 2 12.37%
5 Morgan Stanley 800.00 1 11.00%

Bookrunners of CEEMEA International Bonds

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1 Standard Chartered Bank 295.00 1 32.24%
1 HSBC 295.00 1 32.24%
1 Credit Agricole CIB 295.00 1 32.24%
4 Mitsubishi UFJ Financial Group 30.00 1 3.28%
Subtotal 915.00 2 100.00%

EMEA M&A Revenue

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  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

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  • 17 Jan 2017
1 UniCredit 4,163.05 29 12.35%
2 ING 3,184.83 25 9.45%
3 SG Corporate & Investment Banking 2,911.64 17 8.64%
4 Citi 2,741.75 18 8.13%
5 HSBC 1,822.32 18 5.41%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jan 2017
1 State Bank of India 262.46 3 12.40%
1 Citi 262.46 3 12.40%
3 Standard Chartered Bank 242.57 3 11.46%
4 Mitsubishi UFJ Financial Group 191.19 2 9.03%
4 DBS 191.19 2 9.03%