Bank ofZhengzhou Co. Ltd. plans to list shares in China.
The bank said July 16 that it expects to list up to 600million shares, representing 15.77% and 11.27%, respectively, of the number ofdomestic shares in issue and the total number of issued shares. The actualoffering size will be determined based on the bank's capital requirements.
Bank of Zhengzhou is still in the process of determiningwhether it will offer the shares on the Shanghai or Shenzhen stock exchange.The bank will also apply to convert into a joint stock limited company.
The Chinese bank had successfully US$656 million through an IPO inHong Kong in 2015.
Meanwhile, the bank has upped the amount of a planned bondissuance to 5 billion yuan from 3 billion yuan.
The bank's shareholders had previously approved issuing upto 3 billion yuan of Tier 2 capital bonds for a term of not less than fiveyears. The bank has not issued any bonds pursuant to this proposal. The bankhas until June 17, 2017, to issue the bonds.
As of July 15, US$1was equivalent to 6.69 Chinese yuan.