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Harbin Bank withdraws application for Shanghai IPO

Hong Kong-listed Harbin Bank Co. Ltd. decided to withdraw its application for its IPO in Shanghai in view of expected changes in its shareholding structure.

The bank said it made the decision after careful studies with the sponsors were considered and approved by its board. The bank plans to resume the listing application after the completion of changes in its shareholding structure regarding the domestic shares.

The bank said the move is not expected to have not any material impact on financial position or operations.

China-based Harbin Bank listed its shares in Hong Kong after its HK$8.77 billion IPO in 2014. In late 2015, the bank filed an application for an IPO on the Shanghai stock exchange. In January this year, the bank said it plans to offer up to 3.67 billion shares in the IPO.