China's Shandong International Trust Co. Ltd. priced its Hong Kong IPO at HK$4.56 per share to raise HK$2.95 billion in gross proceeds.

Under the offering, Shandong International Trust was seeking to sell 647,075,000 shares at an indicated range of HK$4.46 to HK$5.43 per share. It was the trust company's second listing attempt after failing in its first attempt earlier this year.

Shandong International Trust said it expects to receive net proceeds of HK$2.56 billion from the offering, according to a Dec. 7 release. It intends to use the proceeds for property investment and wealth management, acquisition of interests in Chinese financial companies and overseas possessing the necessary licenses.

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.

The company's share was trading at HK$4.40 as of 1:16 p.m. Hong Kong time on its first day of trading on Dec. 8.