Shibor spike is no deterrent to Huishang's $1.31bn IPO
Huishang Bank started meeting investors for its HK$10.1bn ($1.3bn) on October 29 despite a recent rise in China’s Shibor rate that has raised short term liquidity concerns for the country’s banking industry.
The Chinese lender is offering investors 2.61bn shares at a price of HK$3.47-HK$3.88, which translates to an estimated 2013 P/B ratio of 0.93-1.01 times.Although the China Securities Regulatory Commission does not allow companies to sell H-shares at below book value, those valuations are based on estimation for ...
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