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Chongqing Rural Commercial Bank seeks to extend validity period for Shanghai IPO

Chongqing Rural Commercial Bank Co. Ltd. proposed a second extension of the validity period of its IPO in Shanghai by 12 months.

The bank's shareholders originally approved a resolution for the proposed IPO at the 2015 annual general meeting in June 2016. In May 2017, the bank's shareholders approved the first 12-month extension of the validity period for the IPO.

Given that the validity period is about to expire while relevant work for the offering is still in progress, the bank said it proposed a second 12-month extension of the validity period. The new term will start immediately after the expiration of the previous term. The proposal will be submitted to the bank's shareholders for approval.

In April 2017, Chongqing Rural Commercial Bank had said it was looking to issue up to 1,357,000,000 shares, representing 12.73% of its issued share capital, under the Shanghai IPO. The bank had already listed its shares on the Hong Kong bourse in 2010.