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Bank of Shanghai mulls HK IPO

Mar. 12, 2012 (China Knowledge) - Bank of Shanghai, a Chinese city commercial lender, is considering launching an initial public offering in Hong Kong while delaying its Shanghai listing plan, said a source close to the matter, the South China Morning Post reported.

The report said that the lender is likely to revive its Shanghai IPO after the Hong Kong listing.

The China Securities Regulatory Commission said earlier that Bank of Shanghai is one of the 50 companies that are waiting for regulatory approval to list in Shanghai. There are eight Chinese banks among these applicants.

Bank of Shanghai earlier planned to raise about RMB 15 billion by issuing 1.2 billion A shares in Shanghai.

In the first half of 2011, Bank of Shanghai earned a net profit of RMB 2.81 billion, 10.11% more than in the same period of 2010. Operating revenue grew 7.32% year on year to RMB 6.69 billion during the period.

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