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Chinese investment trust company launches Hong Kong IPO

China's Shandong International Trust Co. Ltd., backed by the provincial government of Shandong, launched its IPO in Hong Kong, seeking to raise up to HK$3.51 billion after failing in its first listing attempt earlier this year, the South China Morning Post reported Nov. 27.

The company is offering 647 million shares at an indicated range of HK$4.46 to HK$5.43 per share. The company said it would use proceeds for property investment and wealth management and acquisition of financial companies and asset managers in China.

Shandong International Trust's shares are expected to commence trading on Dec. 8.

In a prospectus filed with the stock exchange, Shandong International Trust describes itself as a financial and wealth management provider, with trust and property businesses as its major business lines. Government-owned Shandong Lucion Investment Holdings controls a 69.27% stake in the company.