JiangsuZhangjiagang Rural Commercial Bank Co. Ltd. has won approval fromthe China Securities Regulatory Commission to conduct an IPO in Shenzhen,Reuters reported May 9, citing a statement from the regulator.

The bank is looking to raise at least 2.3 billion yuan fromthe proposed IPO, the news outlet said, citing China Securities Times. The bank plans to float up to 25% of itsshares, according to an abstract previously posted on the CSRC's website.

Four other Chinese rural banks — ,Jiangsu Jiangyin Rural CommercialBank Co. Ltd., JiangsuChangshu Rural Commercial Bank Co. Ltd. and — have also received regulatory approval for their IPO plans, China Securities Times reported.

Both ChinaZheshang Bank Co. Ltd. and Bankof Tianjin Co. Ltd. listedtheir shares in Hong Kongin March.

As of May 6, US$1 wasequivalent to 6.50 Chinese yuan.