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Bank of Qingdao to raise up to 2.04B yuan in Shenzhen IPO

China's Bank of Qingdao Co. Ltd. plans to raise up to 2.04 billion yuan in its proposed listing on the Shenzhen stock exchange.

The lender will offer up to 450,977,251 A-shares at 4.52 yuan apiece between Jan. 4, 2019, and Jan. 8, 2019, according to a Dec. 19 release.

The bank said it would use the net proceeds of up to 1.96 billion yuan to boost its core Tier 1 capital and strengthen its risk management capacities, among other things.

Bank of Qingdao is listed in Hong Kong.

As of Dec. 19, US$1 was equivalent to 6.89 Chinese yuan.